Trust Surcharge Restricted to 15% as Finance Act Overrides Maximum Marginal Rate

Rose Trust Vs DCIT (ITAT Delhi) Finance Act Controls Surcharge, Not MMR – ITAT Upholds Lower Rate for Trust- Surcharge on Trust Income Restricted to 15% from 37%- ITAT Delhi Assessee, Rose Trust, filed its return declaring total income of ₹6.43 crore (including dividend income of ₹6.09 crore). While processing u/s 143(1), CPC levied surcharge @37% on the total income, instead of 15% claimed by Assessee. On rectification u/s 154, AO restricted 15% surcharge only on dividend income but continued 37% on balance ₹34.07 lakh. CIT(A) upheld the 37% rate, observing that Assessee did not quali...