Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
The ITAT held that the levy of surcharge at 37% on income including interest u/s 234F was incorrect. The maximum marginal rate refers to the income tax rate, including surcharge if applicable, for the highest income slab specified in the Finance Act. Surcharge is leviable only when the total income exceeds Rs. 50 lakhs. Since the assessee's income was Rs. 1,27,095/-, surcharge could not be levied. The AO was directed not to levy surcharge as the assessee's income was below Rs. 50 lakhs. The ITAT allowed the grounds raised by the assessee.
The ITAT held that the levy of surcharge at 37% on income including interest u/s 234F was incorrect. The maximum marginal rate refers to the income tax rate, including surcharge if applicable, for the highest income slab specified in the Finance Act. Surcharge is leviable only when the total income exceeds Rs. 50 lakhs. Since the assessee's income was Rs. 1,27,095/-, surcharge could not be levied. The AO was directed not to levy surcharge as the assessee's income was below Rs. 50 lakhs. The ITAT allowed the grounds raised by the assessee.
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