Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4915 
