https://www.taxtmi.com/caselaws?id=461539 The ITAT Mumbai held that surcharge at 37% cannot be levied on an assessee's income from other sources totaling Rs. 4,42,960. The tribunal clarified that Maximum Marginal Rate (MMR) under Section 2(29C) is in addition to surcharge, not inclusive of it. However, surcharge is only applicable when total income exceeds Rs. 50 lakhs. Since the assessee's income was significantly below this threshold limit, no surcharge was leviable. The tribunal directed the AO to delete the surcharge, following established precedent that surcharge cannot be imposed on income below Rs. 50 lakhs. en-us Mon, 20 Jan 2025 00:00:00 +0530 Fri, 11 Apr 2025 18:56:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461539 The ITAT Mumbai held that surcharge at 37% cannot be levied on an assessee's income from other sources totaling Rs. 4,42,960. The tribunal clarified that Maximum Marginal Rate (MMR) under Section 2(29C) is in addition to surcharge, not inclusive of it. However, surcharge is only applicable when total income exceeds Rs. 50 lakhs. Since the assessee's income was significantly below this threshold limit, no surcharge was leviable. The tribunal directed the AO to delete the surcharge, following established precedent that surcharge cannot be imposed on income below Rs. 50 lakhs. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461539