Political contribution deductions require assessee-specific proof before cash-back allegations can justify disallowance or unexplained-money additions...
The ITAT held that the surcharge on the assessee's income must be determined according to the slab rates prescribed under the Finance Act, rejecting the application of the Maximum Marginal Rate. Since the assessee's income exceeds Rs. 50 lakhs but does not exceed Rs. 1 crore, the applicable surcharge rate is 10%. The AO was directed to recompute the surcharge accordingly in line with the settled legal position and prescribed slab rates.
The ITAT held that the surcharge on the assessee's income must be determined according to the slab rates prescribed under the Finance Act, rejecting the application of the Maximum Marginal Rate. Since the assessee's income exceeds Rs. 50 lakhs but does not exceed Rs. 1 crore, the applicable surcharge rate is 10%. The AO was directed to recompute the surcharge accordingly in line with the settled legal position and prescribed slab rates.
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