https://www.taxtmi.com/caselaws?id=764033 ITAT Kolkata held that surcharge at 37% cannot be levied on income tax where total income is below Rs. 50 lakhs. The assessee's total income was Rs. 1,27,095, which falls below the threshold for surcharge applicability. The tribunal ruled that surcharge under section 2(29)(c) is only leviable when total income exceeds Rs. 50 lakhs as per Finance Act provisions. The Additional CIT(A)'s decision to levy surcharge based on maximum marginal rate computation was held to be against law and unsustainable. The appeal was allowed. en-us Tue, 31 Dec 2024 00:00:00 +0530 Thu, 02 Jan 2025 10:24:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764033 ITAT Kolkata held that surcharge at 37% cannot be levied on income tax where total income is below Rs. 50 lakhs. The assessee's total income was Rs. 1,27,095, which falls below the threshold for surcharge applicability. The tribunal ruled that surcharge under section 2(29)(c) is only leviable when total income exceeds Rs. 50 lakhs as per Finance Act provisions. The Additional CIT(A)'s decision to levy surcharge based on maximum marginal rate computation was held to be against law and unsustainable. The appeal was allowed. Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764033