2024 (6) TMI 1406

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....een Kumar, DR ORDER Aggrieved by the order(s) dated 11/03/2024 passed by the Addl/JCIT(A)-3, Ahmedabad ("Ld. CIT(A)"), in the case of Sriram Trust ("the assessee") for the assessment years 2021-22, 2022-23 & 2023-04, assessee preferred these appeals. 2. Assessee is a registered private a Trust. It filed the return of income for the assessment years 2021-22, 2022-23 and 2023-24 declaring i....

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....rred to the commentary by Sampath Iyengar relating to the assessment year 1980-81. 4. Aggrieved by such findings of the learned CIT(A), assessee preferred these appeals, contending that even if the tax rate is chargeable at a maximum rate, the applicable surcharge rate should be applied as specified in the Finance Act depending upon the net taxable income and it is incorrect to hold that the ra....

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....er surcharge is applicable to the case of the assessee in terms of 2(29C) read with section 164/167B of the Act? in terms of section 2(29C) of the Act, "maximum marginal rate" means the rate of income-tax including surcharge on income-tax, if any applicable in relation to the highest slab of income in the case of an individual (association of persons or, as the case may be, body of individuals) as....

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....) of the Act, maximum marginal rate means, the rate of income tax including surcharge on income tax, if any applicable in relation to the highest slab of in the case of an individual and it does not say that the maximum marginal rate shall include surcharge on income tax irrespective of the highest slab of income, but it has a relationship with the highest slab of income. 8. In these circumstan....