2001 (2) TMI 877

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....resent appeal filed by the Revenue is against the order of the learned Deputy Commissioner of Income-tax (Appeals) Hyderabad, dated 15th July, 1996 and the only issue raised in the appeal is regarding the levy of surcharge on the income of the assessee-firm, which was below Rs. 1 lakh and deleted by the learned Deputy Commissioner of Income-tax (Appeals). The assessee was a firm, which filed its r....

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....rned counsel for the assessee relied upon the order passed by the First Appellate Authority. 3. We have heard the rival submissions, section 167A as it stood at the relevant time provided that a firm shall be charged to tax at the maximum marginal rate. Section 2(29C) defines - maximum marginal rate to mean the rate of Income-tax including surcharge on Income tax, if any, applicable in relation t....