ITAT Deletes Maximum Marginal Rate Tax as Charitable Trust Is Taxable at Normal Rates

Fajle Rabbi Chand Charitable Trust Vs ITO (ITAT Pune) The assessee, a public charitable trust registered under the Bombay Charitable Trust Act, 1950, appealed against the order of the Commissioner of Income Tax (Appeals), NFAC, confirming the action of the Assessing Officer in taxing its income at the Maximum Marginal Rate (MMR) under Section 167B of the Income-tax Act for Assessment Year 2024-25. The dispute arose from a rectification order passed under Section 154 of the Act. The trust was not registered under Section 12A of the Income-tax Act and had filed its return as an Association of Pe...