Surcharge not leviable as slab rates of Private Discretionary Trust is below Rs. 50 Lakhs: ITAT Mumbai

Lintas Employees Recreation Trust Vs ITO (ITAT Mumbai) ITAT Mumbai held that Private Discretionary Trust whose income is chargeable to tax at maximum marginal rate is not leviable to pay surcharge if the slab rates are below Rs. 50 Lakhs. Accordingly, surcharge is not leviable in the present case and appeal is allowed. Facts- Assessee trust filed the return of income under the status of AOP. The CPC had determined the tax liability by applying surcharge @37% on the total tax payable. CIT(A) held that it is an undisputed fact that maximum marginal rate is to be applied and tax and surcharge has...