2024 (10) TMI 1079

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....ncome Tax Act, 1961 ("the Act") by the learned Addl./Joint Commissioner of Income Tax (Appeals) ["learned Addl./Joint CIT(A)"], for the assessment year 2022-23. 2. Since all the appeals pertain to the trusts settled by Ion Exchange (India) Ltd. involving a similar issue arising out of a similar factual matrix, therefore, as a matter of convenience, these appeals were heard together and are being decided by way of this consolidated order. In all the appeals, the assessee trusts have raised similar grounds. For reference, the grounds raised by the assessee in the appeal being ITA No. 3153/Mum./2024 are reproduced as under:- "1. That on the facts and in the circumstances of the case, the Ld. Assessing Officer and the Ld. First Appe....

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....eal under Section 246A of the Act is maintainable unless there is an adjustment to the income declared in the return of income, when the statute specifically permits an assessee to file an appeal against any order that the assessee is aggrieved against. 7. That on the facts and in the circumstances of the case, the Ld. AddI/JCIT(A) has erred in disposing off the appeal without granting the Appellant Trust an opportunity of being heard. 8. That the Appellant craves leave to add to or alter, by deletion, substitution, or otherwise, any or all of the foregoing grounds of appeal at or before the hearing, and to submit such statement, documents, and papers as may be considered necessary either at or before the appeal hearing." ....

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....ns ("AOP") and at Maximum Marginal Rate. The said return of the assessee was processed vide intimation issued under section 143(1) of the Act assessing the assessee trusts as an AOP. Since the shares of employees, being the beneficiaries of the assessee trust were unknown, the tax liability was computed at Maximum Marginal Rate as per section 167B of the Act and demand was raised by adding a surcharge at 37% on dividend income as against the surcharge at 15% added by the assessee trust. 5. As per the assessee, since initially it was under the belief that the action of the AO was correct and that it had committed an error in computing the tax liability, it did not prefer any appeal against the aforesaid intimation within the limitation pe....