https://www.taxtmi.com/caselaws?id=423884 The Appellate Tribunal upheld the application of the maximum marginal rate of tax on income declared below the taxable limit for the Assessee, a recognized charitable trust, despite its contention to be taxed as an individual. The Tribunal determined that the Assessee, being a discretionary trust, did not qualify for the exemption under section 11 of the Income Tax Act and thus should be subject to the maximum marginal rate as per section 164(1) of the Act. The appeal challenging the tax treatment was dismissed, affirming the decision of the Commissioner of Income Tax (Appeals). en-us Wed, 27 Apr 2022 00:00:00 +0530 Fri, 17 Jun 2022 09:35:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423884 The Appellate Tribunal upheld the application of the maximum marginal rate of tax on income declared below the taxable limit for the Assessee, a recognized charitable trust, despite its contention to be taxed as an individual. The Tribunal determined that the Assessee, being a discretionary trust, did not qualify for the exemption under section 11 of the Income Tax Act and thus should be subject to the maximum marginal rate as per section 164(1) of the Act. The appeal challenging the tax treatment was dismissed, affirming the decision of the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423884