Receipt of immovable property requires actual possession or enjoyment; redevelopment allotments exchanged for tenancy rights fall outside deemed incom...
Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
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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