Charitable trust registration requires a specified-violation notice; settled cash deposits and related-party payments did not justify cancellation or ...
External development charges trigger TDS under section 194C, while disputed administrative payments require factual verification and fresh adjudicatio...
Section 270AA penalty immunity requires identified statutory defaults and a hearing before rejection; reassessment disclosure may constitute under-rep...
Section 80JJAA employee-cost deduction allowed for deployed staff but barred against transfer-pricing income enhancement, with pricing issues remanded...
Transfer-pricing methodology protects commercially genuine associated-enterprise payments, while pre-2016 secondary adjustments and related notional i...
Negative liens over operating assets can constitute international transactions requiring arm's-length pricing reflecting restricted borrowing and expa...
Cross-examination rights in Customs Broker revocation inquiries require witness examination; procedural denial may be cured through fresh adjudication...
The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that since the assessee's tax liability would fall under the maximum marginal rate, surcharge would apply as per section 2(29). However, the assessee argued that as per the Finance Bill, 2022, surcharge is applicable only when the total income exceeds Rs. 50 lacs. The ITAT held that since the assessee's total income was Rs. 6,73,590/-, which is less than Rs. 50 lacs, levying surcharge would not be applicable. Consequently, the ITAT directed the Assessing Officer to delete the surcharge levied on the assessee Trust.
The Income Tax Appellate Tribunal (ITAT) ruled that surcharge is not leviable when the total income is less than Rs. 50 lacs. The Assessing Officer had contended that since the assessee's tax liability would fall under the maximum marginal rate, surcharge would apply as per section 2(29). However, the assessee argued that as per the Finance Bill, 2022, surcharge is applicable only when the total income exceeds Rs. 50 lacs. The ITAT held that since the assessee's total income was Rs. 6,73,590/-, which is less than Rs. 50 lacs, levying surcharge would not be applicable. Consequently, the ITAT directed the Assessing Officer to delete the surcharge levied on the assessee Trust.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
