2001 (2) TMI 877

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..... against the order of the learned Deputy Commissioner of Income-tax (Appeals) Hyderabad, dated 15th July, 1996 and the only issue raised in the appeal is regarding the levy of surcharge on the income of the assessee-firm, which was below Rs. 1 lakh and deleted by the learned Deputy Commissioner of Income-tax (Appeals). The assessee was a firm, which filed its return of income showing the total inc .....

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..... upon the order passed by the First Appellate Authority. 3. We have heard the rival submissions, section 167A as it stood at the relevant time provided that a firm shall be charged to tax at the maximum marginal rate. Section 2(29C) defines - maximum marginal rate to mean the rate of Income-tax including surcharge on Income tax, if any, applicable in relation to the highest slab of income in the .....

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