2025 (5) TMI 1660

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....PER ASTHA CHANDRA, JM: This appeal filed by the assessee is directed against the order dated 21.06.2024 of the Ld. Commissioner of Income Tax (Appeals)/NFAC, Delhi ["CIT(A)"] pertaining to Assessment Year ("AY") 2022-23. 2. The assessee has raised the following grounds of appeal:- "1. On the facts and in the circumstances of the case and in law, Ld. CIT has erred in calculating the surcharge a....

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....on of the of the Hon'ble Mumbai ITAT Special Bench in the case of Araadhya Jain Trust Vs. ITO (ITA No. 4272/Mum/2024 dated 09.04.2025. 5. The Ld. DR conceded with the above submission of the Ld. DR. 6. We have heard the Ld. Representatives of the parties and perused the material available on record and the decision of the Special Bench of the Mumbai Tribunal in the case of Araadhya Jain Trus....

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....% paid by the assessee, the assessee filed a rectification application under the provisions of section 154 of the Act for reprocessing of return. However, rectification order under section 154 was passed again calculating tax as per intimation under section 143(1) of the Act determining total taxes paid of Rs. 50,68,976/- resulting in increase of Rs. 82,905/- and refund of Rs. 22,030/-. On appeal ....

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....ge has to be computed on the income tax having reference to the slab rates prescribed in the Finance Act under the heading "Surcharge on Income Tax" appearing in Para A, Part 1, First Schedule, applicable to the relevant assessment year." 8. The levy of surcharge depends on the amount of income of the assessee. Admittedly, the income offered for tax by the assessee and accepted by the Ld. AO/ CPC....