2026 (4) TMI 452

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....t : Ms. Ankush Kalra, Senior DR. ORDER PER AMITABH SHUKLA, AM This appeal by the assessee is directed against the order of learned CIT(A)-7, Mumbai dated 31st December, 2024 for the assessment year 2024-25. 2. The only issue raised in this appeal by the assessee is relating to the application of rate of surcharge on income tax at 25% by the authorities below instead of 15% as claimed b....

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.... the ultimate analysis, we hold, in case of private discretionary trusts, whose income is chargeable to tax at maximum marginal rate, surcharge has to be computed on the income tax having reference to the slab rates prescribed in the Finance Act under the head 'surcharge on income tax' appearing in paragraph A, part 1, first schedule, applicable to the relevant assessment year. Hence refer....