Commercial vehicle depreciation, scientifically determined warranty provisions and exempt-income disallowances were resolved in favour of the taxpayer...
For private discretionary trusts whose income is chargeable at the maximum marginal rate, surcharge on income tax is to be computed by reference to the slab rates prescribed in the Finance Act for the relevant year. Applying the Special Bench ruling in Aradhya Jain Trust, the ITAT held that the assessee correctly claimed surcharge at 15% and that the lower appellate authority erred in sustaining surcharge at 25%. The order of the CIT(A) was set aside and the assessee's claim was accepted.
For private discretionary trusts whose income is chargeable at the maximum marginal rate, surcharge on income tax is to be computed by reference to the slab rates prescribed in the Finance Act for the relevant year. Applying the Special Bench ruling in Aradhya Jain Trust, the ITAT held that the assessee correctly claimed surcharge at 15% and that the lower appellate authority erred in sustaining surcharge at 25%. The order of the CIT(A) was set aside and the assessee's claim was accepted.
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