TAPEN SEN,J. - (1.) Re : CAN 7522 of 2011 In the Interlocutory Application being CAN 7522 of 2011 filed by the Director (Finance), Power Grid Corporation of India Limited and other officers of the said Corporation, prayer is for an Order allowing them to deposit the Tax Deducted at Source (T.D.S.) on perquisites as per the amended provisions of the Finance Act, 2007 with the Income Tax Authorities but without any interest and penalty along with the amount of tax deducted and which was kept in a separate bank account as per the Order dated 27/3/2002 passed earlier in this case. They have also prayed that they be permitted to refund the balance amount on housing perquisites to the concerned employees. They have also made a prayer that the Income Tax authorities be restrained from taking any action towards imposition of cost, interest or penalty against the applicants or its employees for not depositing the deducted tax and which has been kept in a separate account in compliance of the Order passed by this Court.
(2.) However, in view of the suggestions made by the parties, this Court is not inclined to pass any other Order save and except what has been suggested as will appear hereafter.
(3.) During the course of submissions, the parties suggested that the following agreed Order may be passed by consent of the parties: "Applicants may be permitted to deposit the Tax Deducted at Source (TDS) on Perquisites with the respective Income Tax Authorities along with the amount of Tax deducted and kept in a separate Bank Account as per the order dated 27th March, 2002 of the Hon'ble High Court. Applicants be permitted to refund the balance excess amount of Tax on Housing perquisites as per Amended Provision of Finance Act, 2007 to the concerned employees.";