Surcharge leviable in case of firm if its total income exceeds INR 1 crore

Bhavani Engineering Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that mentioning of firm in 2(3)(b) of the Finance Act, 2018 excludes it from 2(3)(a). Accordingly, in case of firm, surcharge is leviable only when its total income exceeds INR 1 crore and not otherwise. Facts- Assessee is a partnership firm, carrying the business of generation of solar energy. The returns of income filed by the assessee for A.Y. 2018-19 and 2019-20 were processed under section 143(1) of the Income Tax Act, 1961. Surcharge at the rate of 10% on the income returned by the assessee was levied. According to the asses...