9911796707
TMI Blog2025 (1) TMI 95X X X X Extracts X X X X X X X X Extracts X X X X ..... financial help to the deserving persons towards any medical expenses, treatment, education, training etc., donations for public and private charitable purposes or organizations. The assessee is a regular assessee and assessed as an AOP not registered under section 12A/12AA of the Act. The surplus, if any, arising in any previous year after meeting the charitable expenses was offered to tax at the maximum marginal rate. The assessee filed its return of income on 15.11.2023 declaring income of Rs. 1,27,100/-. The tax liability computed in the return was Rs. 40,655/- and after adjustment of TDS of Rs. 43,200/-, the appellant claimed refund of Rs. 2,545/-. The ld. Assessing Officer accepted the return of income of Rs. 1,27,100/- and the tax pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nil interest liability computed in its return of income thereby increasing the tax liability. (4) That the appellant craves leave to add, alter, amend, cancel, supplement or otherwise modify the grounds stated above, before or at the hearing of the appeal as it may deem fit. 5. I have heard both the sides. It was the submission of the assessee that the surcharge is not applicable in the assessee's case as its total income was Rs. 1,27,095/- only and surcharge is not leviable upto income of Rs. 50 lakhs in case of AOP. He further submitted that the surcharge is applicable on income chargeable to tax at special rates of non-residents specified fund and foreign institutional investors. He further submitted that in respect of assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lab applicable to the member of the AOP/Joint Venture, tax on individual/AOP/Company, Association of persons with income above five crores, plus surcharge. He, therefore, pleaded to uphold the orders passed by the revenue authorities. 7. I have perused the material available on record. It is an admitted fact that the assessee filed the return of income declaring total income of Rs. 1,27,095/-. After considering the submissions and facts brought on record, I find that the assessee is aggrieved for levy of surcharge, surcharge on income including interest under section 234F. The reason given by the ld. Addl./JCIT(Appeals) is that the tax liability of the assessee has to be computed by maximum marginal rate and, therefore, surcharge is applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case on hand, the return of income is only Rs. 1,27,095/-, so on this income, income tax shall be charged at maximum marginal rate in terms of section 164 of the Income Tax Act. For levying the surcharge, it is necessary that the slab of income, which is chargeable to tax is exceeding Rs. 50 lakhs and above. Therefore, I am of the considered view that the view taken by the ld. Addl./JCIT(Appeals) is against the law and cannot be sustained. Therefore, I direct the ld. Assessing Officer that there could not be any surcharge levied on the income tax since income of the assessee is less than Rs. 50 lakhs. Hence, the grounds raised by the assessee are allowed. 10. In the result, the appeal filed by the assessee is allowed. Order pronounced ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
