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TMI Blog2024 (11) TMI 233X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Assessment Years ('A.Y.' for short) 2023-24 & 2022-23. 2. As the facts are common in all the appeals, we hereby take ITA No. 2485/Mum/2024 for A.Y. 2022-23 as a lead case. ITA No. 2485/Mum/2024 for A.Y. 2022-23 3. The grounds of appeal raised by the assessee reads as under: Ground No. 1: Validity of the adjustments made in the Intimation u/s 143(1) 1. The learned CIT(A) erred in not quashing the impugned intimation order passed under section 143(1) of the Income Tax Act, 1961 as no opportunity of being heard was provided to the Appellant before levying surcharge and additional interest. Ground No. 2: Incorrect levy of surcharge amounting to Rs. 74,768/- despite total income being less than 50 lakhs 1. The learned CIT(A) err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r under consideration. 8. Aggrieved the assessee is in appeal before us, challenging the order of the ld. CIT(A). 9. The learned Authorised Representative (ld. AR for short) for the assessee stated that the ground no. 1 which is challenging the validity of the adjustment made in intimation u/s. 143(1) of the Act, was not pressed by the assessee and proceeded to ground no. 2, challenging the levy of surcharge made by the ld. A.O. and upheld by the ld. CIT(A). The ld. AR contended that surcharge on tax is applicable only for total income exceeding Rs. 50 lacs, as per the first schedule to Finance Act, 2022, which proposition has been upheld by the decision of co-ordinate bench in the case of Ujjwal Business Trust vs. ITO (in ITA No. 602/Mum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act,- (a) having a total income (including the income by way of dividend or income under the provisions of section 111A and section 112A of the Income-tax Act) exceeding fifty lakh rupees but not exceeding one crore rupees, at the rate of ten per cent. of such income-tax; (b) having a total income (including the income by way of dividend or income under the provisions of section 111A and section 112A of the Income-tax Act) exceeding one crore rupees, but not exceeding two crore rupees, at the rate of fifteen per cent. of such income-tax; (c) having a total income (excluding the income by way of dividend or income under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees; (c) two crore rupees but does not exceed five crore rupees, the total amount payable as incometax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of two crore rupees by more than the amount of income that exceeds two crore rupees; (d) five crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of five crore rupees by more than the amount of income that exceeds five c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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