SIDDHANT TRUST,WARDHA vs. THE INCOME TAX OFFICER WARD 2, WARDHA
Facts
The assessee, Siddhant Trust, filed appeals against orders passed by the ADDL/JCIT (A) for AY 2022-23 & 2023-24. The assessee's total income, including dividend, did not exceed ₹50,00,000/-.
Held
The Tribunal held that no surcharge would be leviable as the assessee's total income did not exceed ₹50,00,000/-. Consequently, the surcharge levied by the Assessing Officer at 37% was deleted.
Key Issues
Deletion of surcharge levied at 37% on income not exceeding ₹50,00,000/-.
Sections Cited
250 of the Income Tax Act, 1961
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, NAGPUR “SMC” BENCH : NAGPUR
Before: SHRI NARENDER KUMAR CHOUDHRY
These appeals have been preferred by the assessee against the separate orders each dated 11/03/2025 impugned herein passed by the Ld. ADDL/JCIT (A), Jodhpur [in short, “Ld.Commissioner”] u/sec. 250 of the Income Tax Act, 1961 (for short, “the Act”) for the Assessment Years (for short, “AY”) 2022– 23 & 2023-24 respectively.
The adjournment application filed by the assessee is declined.
2 ITA.No.273–274/NAG/2025 3. Both the cases are interconnected being pertains to the same assessee and having involved identical issues, and therefore, for the sake of convenience and brevity, the same were heard together and are being disposed of by this composite order.
Admittedly, the total income of the assessee including by way of dividend is ` 11,62,190/– does not exceed ` 50,00,000/–. Therefore, according to the first schedule to the Finance Act as applicable to the instant case, no surcharge would be leviable and consequently this Court is inclined to delete the surcharge levied by the Assessing Officer @ 37% by considering the income declared by the assessee at MMR, which has been affirmed by the Ld.Commissioner by impugned order. Consequently, both the appeals under are allowed.
In the result, both the appeals of the Assessee are allowed.
Order pronounced in the open Court on 24.06.2025.
/- Sd/- (Narender Kumar Choudhry) Judicial Member vr/-
3 ITA.No.273–274/NAG/2025 Copy to
The appellant 2. The respondent 3. The CIT(A), Nagpur concerned. 4. D.R. ITAT, Nagpur Bench, Nagpur. 5. Guard File.
By Order //True Copy //
Sr. Private Secretary, ITAT, Nagpur Bench.