SIDDHANT TRUST,WARDHA vs. THE INCOME TAX OFFICER WARD 2, WARDHA

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ITA 272/NAG/2025Status: DisposedITAT Nagpur24 June 2025AY 2022-23Bench: SHRI NARENDER KUMAR CHOUDHRY (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

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.

What were the 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/-.

What were the issues?

Deletion of surcharge levied at 37% on income not exceeding ₹50,00,000/-.

Which sections of the Income-tax Act were involved?

Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, NAGPUR “SMC” BENCH : NAGPUR

Before: SHRI NARENDER KUMAR CHOUDHRY

Hearing: 24.06.2025Pronounced: 24.06.2025

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.

2.

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.

4.

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.

5.

In the result, both the appeals of the Assessee are allowed.

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