Admissibility of electronic evidence bars undervaluation demands where printouts, retracted statements and no cross-examination leave the case unprove...
Limitation in oppression and mismanagement proceedings: prior knowledge of removal and dilution barred the challenge, with valuation directions upheld...
Insolvency professional agency governance rules amended to add nominee directors, tighten independent director eligibility, and regulate managing dire...
For a private discretionary trust taxed at the maximum marginal rate, surcharge is not automatically leviable at the highest rate. The Tribunal read section 2(29C) of the Income-tax Act with the surcharge slabs and thresholds in the relevant Finance Act Schedule, and held that the maximum marginal rate incorporates those Finance Act conditions. It rejected the view that surcharge must always be added merely because the entity is taxed at the maximum marginal rate, since that would defeat the surcharge thresholds and produce an absurd result. As the trust's total income was below the prescribed threshold, no surcharge was payable and the Assessing Officer was directed to recompute tax without surcharge.
For a private discretionary trust taxed at the maximum marginal rate, surcharge is not automatically leviable at the highest rate. The Tribunal read section 2(29C) of the Income-tax Act with the surcharge slabs and thresholds in the relevant Finance Act Schedule, and held that the maximum marginal rate incorporates those Finance Act conditions. It rejected the view that surcharge must always be added merely because the entity is taxed at the maximum marginal rate, since that would defeat the surcharge thresholds and produce an absurd result. As the trust's total income was below the prescribed threshold, no surcharge was payable and the Assessing Officer was directed to recompute tax without surcharge.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4814 
Join Channel 
