https://www.taxtmi.com/caselaws?id=761247 The ITAT Mumbai ruled in favor of the assessee regarding surcharge applicability. The CIT(A) had contended that surcharge was applicable based on the maximum marginal rate under section 2(29). However, the assessee argued that per Finance Bill 2022, surcharge applies only when total income exceeds Rs. 50 lacs for individuals, HUFs, AOPs, or BOIs. The ITAT held that since the assessed income was Rs. 6,73,590, which is below Rs. 50 lacs, no surcharge was leviable. The AO was directed to delete the surcharge levied on the assessee Trust. en-us Tue, 22 Oct 2024 00:00:00 +0530 Thu, 07 Nov 2024 08:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761247 The ITAT Mumbai ruled in favor of the assessee regarding surcharge applicability. The CIT(A) had contended that surcharge was applicable based on the maximum marginal rate under section 2(29). However, the assessee argued that per Finance Bill 2022, surcharge applies only when total income exceeds Rs. 50 lacs for individuals, HUFs, AOPs, or BOIs. The ITAT held that since the assessed income was Rs. 6,73,590, which is below Rs. 50 lacs, no surcharge was leviable. The AO was directed to delete the surcharge levied on the assessee Trust. Case-Laws Income Tax Tue, 22 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761247