2024 (12) TMI 1585

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.... has taken the following ground of appeal:- In law and in the facts and circumstances in the case of appellant the Ld. CIT(A) has grossly erred in applying surcharge at the rate 37% without appreciating that appellant has rightly levied surcharge at 10% in the return of income. 3. Both the parties fairly agreed that the issue before us mentioned in the grounds of appeal stands squarely covered by the orders of the Tribunal in the cases of Ujjwal Business Trust Vs. ITO, CPC in ITA No. 602/Mum/2024, M/s. Lintas Employees Holiday Assistance Trust Vs. CPC in ITA No. 1796/Mum/2024, Shriram Trust Vs. ITO in ITA No. 439- 441/Hyd/2024 and ITO Vs. Tayal Sales Corporation [2003] 1 SOT 579 (Hyd.). For the sake of ready reference, the order in the....

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....r section sec 112 or section 112A or the provision of section 115BAC of the Income-tax Act, shall be increased by a surcharge for the purposes of the Union, calculated, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act- (a) having a total income (including the income by way of dividend or income under the provisions of section 111A and section 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (b) having a total income (including the income by ....

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....and surcharge on such income shall not exceed the total amount payable as income-tax or total income of fifty lakh rupees by more than the amount of income that exceeds fifty lakh rupee (b) one crore rupees but does not exceed two crore rupees, the total amount payable Income-tax and surcharge on such income shall not exceed the total amount payable as income tax and surcharge on a total income of one crore rupees by more than the amount of income exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable income-tax and surcharge on such income shall not exceed the total amount payable as income tax and surcharge on a total income of two crore rupees by more than the amount of income....