ITAT Chennai Caps Trust Surcharge on Dividends & Capital Gains at 15%

M V Subramanian Family Trust Vs ITO (ITAT Chennai) ITAT Chennai Caps Surcharge on Dividend & Capital Gains of Private Discretionary Trust at 15% – Rejects 37% Levy Assessee , a private discretionary trust & tax resident in India, filed return of income for AY 2021-22 declaring ₹82,21,860 consisting entirely of dividend income & capital gains. CPC, while processing return u/s 143(1), applied surcharge at 37% on such income, instead of restricting it to 15% as mandated by Finance Act, 2021. Rectification application filed u/s 154 was rejected & CIT(A) also dismissed the a...