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Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT allowed the appeal and directed the AO to compute surcharge at 15% on tax (not on tax-plus-surcharge) applicable to the assessee's income, rejecting the AO's imposition of 37%; the Tribunal held that "slab" references income, MMR refers to the highest income slab under the Finance Act, and surcharge rates derive from the Finance Act rather than sections 164/167B/2(29C) alone. The assessee, an AOP with total income exceeding Rs.5 crore (including dividend income) under the new tax regime, satisfies Finance Act conditions for 15% surcharge; consequential relief was ordered in favour of the assessee.
ITAT allowed the appeal and directed the AO to compute surcharge at 15% on tax (not on tax-plus-surcharge) applicable to the assessee's income, rejecting the AO's imposition of 37%; the Tribunal held that "slab" references income, MMR refers to the highest income slab under the Finance Act, and surcharge rates derive from the Finance Act rather than sections 164/167B/2(29C) alone. The assessee, an AOP with total income exceeding Rs.5 crore (including dividend income) under the new tax regime, satisfies Finance Act conditions for 15% surcharge; consequential relief was ordered in favour of the assessee.
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