https://www.taxtmi.com/caselaws?id=775673 For an association of persons taxed at the maximum marginal rate under section 167B, surcharge must be computed by reference to the slab-wise surcharge rates in the relevant Finance Act, read harmoniously with section 2(29C). The expression "maximum marginal rate" does not permit automatic application of the highest surcharge rate merely because section 167B applies; it requires use of the surcharge rate attached to the income slab into which the total income falls. On that construction, where income fell within the slab attracting 10% surcharge, surcharge could not be levied at 37%. en-us Fri, 27 Jun 2025 00:00:00 +0530 Tue, 29 Jul 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775673 For an association of persons taxed at the maximum marginal rate under section 167B, surcharge must be computed by reference to the slab-wise surcharge rates in the relevant Finance Act, read harmoniously with section 2(29C). The expression "maximum marginal rate" does not permit automatic application of the highest surcharge rate merely because section 167B applies; it requires use of the surcharge rate attached to the income slab into which the total income falls. On that construction, where income fell within the slab attracting 10% surcharge, surcharge could not be levied at 37%. Case-Laws Income Tax Fri, 27 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775673