Functional comparability governs selection of support-service and IT-enabled service comparables, with verification required for unresolved data and m...
Bank account freezing requires statutory authority; anti-money-laundering compliance and KYC monitoring do not permit unilateral indefinite restrictio...
ITAT allowed the appeal of the assessee and set aside the CIT(A)'s addition, holding that for a private discretionary trust taxed at the maximum marginal rate (MMR) the applicable surcharge must be computed by reference to the slab rates prescribed under the Finance Act's schedule for "surcharge on income tax" for the relevant assessment year rather than applying the highest surcharge rate automatically. Consequently, where income falls below the statutory thresholds for higher surcharge slabs, the lower prescribed surcharge rate applies and the impugned surcharge addition is deleted. The decision favors the assessee and restores computation of tax and surcharge in accordance with prescribed slab-based rates.
ITAT allowed the appeal of the assessee and set aside the CIT(A)'s addition, holding that for a private discretionary trust taxed at the maximum marginal rate (MMR) the applicable surcharge must be computed by reference to the slab rates prescribed under the Finance Act's schedule for "surcharge on income tax" for the relevant assessment year rather than applying the highest surcharge rate automatically. Consequently, where income falls below the statutory thresholds for higher surcharge slabs, the lower prescribed surcharge rate applies and the impugned surcharge addition is deleted. The decision favors the assessee and restores computation of tax and surcharge in accordance with prescribed slab-based rates.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
