https://www.taxtmi.com/caselaws?id=461535 The ITAT Mumbai ruled on the applicable surcharge rate for income below Rs. 5 crores. The tribunal held that Maximum Marginal Rate (MMR) under section 2(29C) requires application of the highest rate of tax and surcharge, not slab-based rates. The court emphasized that mentioning surcharge separately in the provision indicates legislative intent to apply maximum rates rather than assessee-specific slabs. The tribunal dismissed the assessee's appeal, interpreting MMR as a specific anti-avoidance rule requiring strict application of highest tax and surcharge rates applicable to individuals. en-us Mon, 26 Aug 2024 00:00:00 +0530 Fri, 11 Apr 2025 18:56:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461535 The ITAT Mumbai ruled on the applicable surcharge rate for income below Rs. 5 crores. The tribunal held that Maximum Marginal Rate (MMR) under section 2(29C) requires application of the highest rate of tax and surcharge, not slab-based rates. The court emphasized that mentioning surcharge separately in the provision indicates legislative intent to apply maximum rates rather than assessee-specific slabs. The tribunal dismissed the assessee's appeal, interpreting MMR as a specific anti-avoidance rule requiring strict application of highest tax and surcharge rates applicable to individuals. Case-Laws Income Tax Mon, 26 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461535