ITAT overturns 37% surcharge on private trust income, confirms 15% rate under section 167B

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....ITAT allowed the appeal regarding surcharge computation on private discretionary trust income. The tribunal held that CIT(A) erroneously determined the entire trust income should attract Maximum Marginal Rate with 37% surcharge under section 167B read with section 2(29C). Following precedent in Araadhya Jain Trust, ITAT ruled the assessee correctly claimed 15% surcharge rate in its return. The Assessing Officer appropriately allowed this claim through rectification order. The appellate authority's decision to impose 37% surcharge on trust income was overturned, with ITAT confirming the lower 15% surcharge rate applies to the trust's taxable income assessment.....