Pre-existing operational debt disputes require genuine evidence, while undirected running-account payments may be appropriated on a first-in-first-out...
Agency in CNG distribution makes outlet operators commission agents, rendering taxable Business Auxiliary Service rather than purchasing goods for res...
Composite inpatient healthcare supply may retain exemption despite MRP medicine billing, while separate taxable sale characterisation remains disputed...
Working-capital adjustment determines whether software-services transfer-pricing margins fall within the statutory tolerance range, eliminating any ad...
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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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