Straight-line lease rental accounting change results in penalty quashed where disclosed accounts and bona fide arguable accounting interpretation exis...
Allocation of enhanced FSI/TDR proceeds between cooperative society and individual flat-owners; tribunal deletes society LTCG addition, remits 80P ver...
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.
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.
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