https://www.taxtmi.com/highlights?id=87975 ITAT held that surcharge cannot be levied at 37% when assessee's total income is Rs. 3,48,040/-, which is significantly below the Rs. 5 crore threshold for maximum surcharge rate. The tribunal determined that surcharge is only leviable when income exceeds Rs. 50,00,000, and the maximum 37% surcharge applies only if income exceeds Rs. 5 crore. Consequently, the CPC's imposition of 37% surcharge was erroneous, and the appeal by the assessee was allowed, effectively canceling the excessive surcharge. en-us Fri, 02 May 2025 08:54:48 +0530 Fri, 02 May 2025 08:54:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=87975 ITAT held that surcharge cannot be levied at 37% when assessee's total income is Rs. 3,48,040/-, which is significantly below the Rs. 5 crore threshold for maximum surcharge rate. The tribunal determined that surcharge is only leviable when income exceeds Rs. 50,00,000, and the maximum 37% surcharge applies only if income exceeds Rs. 5 crore. Consequently, the CPC's imposition of 37% surcharge was erroneous, and the appeal by the assessee was allowed, effectively canceling the excessive surcharge. Highlights Income Tax Fri, 02 May 2025 08:54:48 +0530 https://www.taxtmi.com/highlights?id=87975