The Tribunal held that the maximum marginal rate was not...

The Tribunal held that the maximum marginal rate was not applicable where the assessee had exercised the section 115BAC option and declared total income of Rs. 1,45,720. On that basis, the impugned intimation applying MMR was set aside and the Assessing Officer was directed to recompute tax without applying MMR. As the surcharge had been levied on the same MMR-based computation, that surcharge also could not stand and was similarly set aside, with recomputation directed on the revised basis.