https://www.taxtmi.com/highlights?id=88670 ITAT adjudicated a tax surcharge dispute for a private discretionary trust, determining the applicable surcharge rate. The tribunal ruled that surcharge computation must reference specific slab rates prescribed in the Finance Act, rather than applying the maximum marginal rate (MMR) uniformly. Relying on precedent in Aradhya Jain Trust, the tribunal found the surcharge should be calculated at the lower applicable rate of 15% instead of the highest 37% rate. Consequently, the assessee's appeal was allowed, establishing a favorable interpretation of tax surcharge calculation for similar discretionary trust structures. en-us Fri, 23 May 2025 08:46:12 +0530 Fri, 23 May 2025 08:46:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=88670 ITAT adjudicated a tax surcharge dispute for a private discretionary trust, determining the applicable surcharge rate. The tribunal ruled that surcharge computation must reference specific slab rates prescribed in the Finance Act, rather than applying the maximum marginal rate (MMR) uniformly. Relying on precedent in Aradhya Jain Trust, the tribunal found the surcharge should be calculated at the lower applicable rate of 15% instead of the highest 37% rate. Consequently, the assessee's appeal was allowed, establishing a favorable interpretation of tax surcharge calculation for similar discretionary trust structures. Highlights Income Tax Fri, 23 May 2025 08:46:12 +0530 https://www.taxtmi.com/highlights?id=88670