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2014 (6) TMI 114 - HC - Income TaxLevy of surcharge for the block assessment period – Matter pending in Larger bench of the Supreme Court - Held that:- Relying upon COMMISSIONER OF INCOME-TAX v/s K.C.PUTTASWAMY GOWDA, 2011 (7) TMI 572 - KARNATAKA HIGH COURT] - surcharge is payable by the assessee - In the event of the larger Bench of the Supreme Court reversing the judgment of the Apex Court and holding surcharge is not leviable, the assessee is absolved of the liability to pay surcharge - the proper order to be passed is to set aside the order of the Tribunal and remit the matter to the Assessing Authority with the direction to await the judgment of the Apex Court - the substantial question of law is answered in favour of the Revenue and against the assessee – the AO shall await the decision of the larger bench of the Hon'ble Supreme Court and may proceed subject to the outcome of the decision that will be rendered by the Supreme Court – Decided in favour of Revenue.
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