https://www.taxtmi.com/caselaws?id=773823 For a private discretionary trust assessed at the maximum marginal rate, surcharge is not automatically payable at the highest rate on the entire income. The Tribunal applied the Special Bench view that surcharge must be computed in accordance with the slab-wise rates under the relevant Finance Act, and that income by way of dividend and capital gains under sections 111A, 112 and 112A cannot suffer surcharge above 15%. As a substantial part of the trust income fell within that capped category, the levy of surcharge at 37% on the whole income was unsustainable, and surcharge was restricted to 15%. en-us Thu, 26 Jun 2025 00:00:00 +0530 Sat, 28 Jun 2025 08:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773823 For a private discretionary trust assessed at the maximum marginal rate, surcharge is not automatically payable at the highest rate on the entire income. The Tribunal applied the Special Bench view that surcharge must be computed in accordance with the slab-wise rates under the relevant Finance Act, and that income by way of dividend and capital gains under sections 111A, 112 and 112A cannot suffer surcharge above 15%. As a substantial part of the trust income fell within that capped category, the levy of surcharge at 37% on the whole income was unsustainable, and surcharge was restricted to 15%. Case-Laws Income Tax Thu, 26 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773823