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Issues: Whether surcharge could be levied where the assessee's returned income was below the threshold prescribed for surcharge under the First Schedule of the Finance Act, 2020.
Analysis: The returned income was accepted at Rs. 43,51,640 and was processed under section 143(1) of the Income-tax Act, 1961. The surcharge under the First Schedule to the Finance Act, 2020 applies only where the total income exceeds Rs. 50 lakh. Since the assessee's income was below that limit, the levy of surcharge was not attracted.
Conclusion: The surcharge addition was unsustainable and was directed to be deleted, in favour of the assessee.
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