ITAT Mumbai Reduces Surcharge on Private Discretionary Trust from 37% to 15%

Anil Gala Navneet Trust Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) in Mumbai has ruled in favor of Anil Gala Navneet Trust, a private discretionary trust, regarding an incorrect levy of surcharge and interest by the Centralised Processing Centre (CPC). The trust’s total income for the Assessment Year 2023-23 was Rs. 1,80,11,780, which falls into the tax bracket of over Rs. 1 crore but under Rs. 2 crore. The trust, therefore, applied a surcharge rate of 15% as per the First Schedule to the Finance Act, 2021. However, during the processing of its return, the CPC levied a...