Trust taxed at MMR: surcharge must follow Finance Act slab rates, lower rate applies when income below thresholds

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....ITAT allowed the appeal of the assessee and set aside the CIT(A)'s addition, holding that for a private discretionary trust taxed at the maximum marginal rate (MMR) the applicable surcharge must be computed by reference to the slab rates prescribed under the Finance Act's schedule for "surcharge on income tax" for the relevant assessment year rather than applying the highest surcharge rate automatically. Consequently, where income falls below the statutory thresholds for higher surcharge slabs, the lower prescribed surcharge rate applies and the impugned surcharge addition is deleted. The decision favors the assessee and restores computation of tax and surcharge in accordance with prescribed slab-based rates.....