ASHOK PATNI FAMILY TRUST,PUNE vs. THE ASST./DY. COMMISSIONER OF INCOME TAX, CIRCLE-7, PUNE

ITA 2782/PUN/2024Status: DisposedITAT Pune16 May 2025AY 2023-24Bench: SHRI MANISH BORAD (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the surcharge is to be levied based on the slab rates provided in the First Schedule. Since the assessee's total income was less than Rs. 1 crore, the surcharge leviable was 10%, not 37%.

What were the facts?

The assessee, a Discretionary Private Trust, declared an income of Rs. 56,60,520/- including dividend income and interest income. The assessee calculated a surcharge at 10%, but the CPC computed tax liability with a surcharge of 37% on interest income. The CIT(A) affirmed the CPC's action.

What were the issues?

Whether the surcharge on income-tax is to be levied based on the Maximum Marginal Rate or the slab rates specified in the First Schedule, considering the total income of the assessee.

Which sections of the Income-tax Act were involved?

Section 2(29C),Section 164,Section 167B,Section 111A,Section 112,Section 112A,Section 115BAC,Section 143(1)

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Income Tax Appellate Tribunal, PUNE BENCH “SMC”, PUNE

Before: SHRI MANISH BORAD & SHRI VINAY BHAMORE

For Appellant: Shri Kiran Sanmane
Hearing: 08.05.2025Pronounced: 16.05.2025

PER VINAY BHAMORE, JM: This appeal filed by the assessee is directed against the order dated 18.12.2024 passed by Ld. Addl/JCIT(A), Faridabad for the assessment year 2023-24. 2. Facts of the case, in brief, are that the assessee is a Discretionary Private Trust and has furnished its return of income on 18.07.2023 declaring income of Rs.56,60,520/-. For the year under consideration, the assessee earned dividend income of 2 Rs.41,10,541/- from companies and interest of Rs.15,49,979/- from saving accounts. Assessee calculated the surcharge at the rate of 10% only. CPC vide intimation order dated 27.05.2024 computed the tax liability of Rs.20,73,261/- including surcharge. While

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