Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: empanelment :: cpt :: due date for vat payment
 
 
News Headlines »
 Last minute checklist for filing income tax return
 Filing tax returns? Here are seven things to remember
 Clarifications on computation of book profit for the purposes of levy of Minimum Alternate Tax (MAT) under section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies.
 Mistakes in filing income tax returns that may get you a tax notice
 Know how you can claim return of income in Form 26 AS case
 What you must know for tax filing this year
 How to file tax return if you have two Form 16s
 10 things you should know about Form 26 AS
 How to file income tax return without Form 16
 How to rectify income tax returns
 Income-tax (21st Amendment) Rules, 2017

`Banks can reject VRS applications'
January, 15th 2007

Banks, which had introduced a `voluntary retirement scheme' (VRS), had "absolute discretion either to accept or not to accept applications of employees" to avail themselves of the scheme, the Madras High Court has held.

The First Bench, comprising Chief Justice Mr A.P. Shah and Mr Justice K. Chandru, while dismissing writ petitions challenging action of Indian Bank, Chennai, in rejecting 482 out of 2,542 applications received under VRS on ground that they fell under excluded category, said the object of the scheme was only to downsize work force and hence the discretion exercised by the bank in accepting applications for voluntary retirement depending upon nature of work of employees "cannot be said to be arbitrary or discriminatory."

Discrimination

The bank had option to choose among specialised officers. Petitioners having been qualified and identified as personnel whose services were needed, discretion exercised in not accepting their applications for VRS could not be faulted with.

There was no discrimination or arbitrariness insofar as petitioners were concerned.

Their contention that while the bank had proceeded to accept applications of highly qualified specialists in information technology, the petitioners who were similarly placed were not allowed to retire, was untenable, the Bench held.

The bank submitted that while announcing VRS, it was clearly mentioned that it would be prerogative of management, either to accept or reject applications depending upon requirement of bank.

,The Bench said they had gone through the entire records, and "we are of the view that there is absolutely no substance in the submission of the petitioners that the bank had adopted a `pick and choose' policy."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions