https://www.taxtmi.com/caselaws?id=771388 Tribunal ruled on surcharge rate for private discretionary trust. Income of Rs. 1.18 crore triggered 15% surcharge, not 37% as initially assessed by CPC. Relying on ITAT Special Bench precedent, the Tribunal directed recomputation of tax, holding that surcharge must align with Finance Act slab rates. CPC's section 143(1) intimation was deemed incorrect, and the assessment was ordered to be modified accordingly. en-us Thu, 22 May 2025 00:00:00 +0530 Sat, 24 May 2025 09:00:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771388 Tribunal ruled on surcharge rate for private discretionary trust. Income of Rs. 1.18 crore triggered 15% surcharge, not 37% as initially assessed by CPC. Relying on ITAT Special Bench precedent, the Tribunal directed recomputation of tax, holding that surcharge must align with Finance Act slab rates. CPC's section 143(1) intimation was deemed incorrect, and the assessment was ordered to be modified accordingly. Case-Laws Income Tax Thu, 22 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771388