SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
ITAT adjudicated a tax dispute regarding surcharge levying on a private discretionary trust. The tribunal held that despite maximum marginal tax rate application, surcharge cannot be imposed when total income falls below Rs. 50,00,000/- threshold prescribed under the Finance Act. The Special Bench clarified surcharge computation must reference specific slab rates, and in this instance, since assessee's income was substantially lower than prescribed limit, no surcharge could be legally levied. Consequently, the assessee's appeals were allowed, effectively nullifying the disputed surcharge assessment.
ITAT adjudicated a tax dispute regarding surcharge levying on a private discretionary trust. The tribunal held that despite maximum marginal tax rate application, surcharge cannot be imposed when total income falls below Rs. 50,00,000/- threshold prescribed under the Finance Act. The Special Bench clarified surcharge computation must reference specific slab rates, and in this instance, since assessee's income was substantially lower than prescribed limit, no surcharge could be legally levied. Consequently, the assessee's appeals were allowed, effectively nullifying the disputed surcharge assessment.
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TaxTMI 
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