No Surcharge on Income Below ₹50 Lakh: ITAT Pune

Nawander Arcade Vs ITO (ITAT Pune) Mumbai: In a significant ruling for taxpayers, the Income Tax Appellate Tribunal (ITAT) has held that surcharge is not leviable on the income of a private trust if the total income is below ₹50 lakh. The decision came in appeals filed by an assessee against orders from the Addl./JCIT(A), Faridabad, concerning Assessment Years 2023-24 and 2024-25. The core of the dispute centered on the Centralized Processing Centre’s (CPC) action of levying a 37% surcharge on the tax payable by the assessee, a private trust, whose declared income was ₹7,84,000 for A...