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Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2024 (7) TMI AT This

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2024 (7) TMI 1658 - AT - Income Tax


The Appellate Tribunal (ITAT Mumbai) allowed the assessee's appeal against the levy of surcharge of Rs. 4,83,032/- for Assessment Year 2022-23. The key issue was the applicability of surcharge under the first schedule of the Finance Act, 2020, which imposes surcharge only when total income exceeds specified thresholds, starting at Rs. 50 Lakhs. The assessee's total income was Rs. 43,51,640/-, accepted as such under section 143(1) of the Income-tax Act. The Tribunal held that since the income did not exceed Rs. 50 Lakhs, "the surcharge has to be levied only when the income exceeds Rs. 50 Lakhs," and thus surcharge was not applicable. Consequently, the Assessing Officer was directed to delete the surcharge. The appeal was allowed.

 

 

 

 

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