Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
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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