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INCOME TAX APPELLATE TRIBUNAL (CHENNAI BENCH)
SHRI MANU KUMAR GIRI, JM, SHRI S.R. RAGHUNATHA, AM
M/s. M V Subramanian Family Trust – Appellant
Versus
The Income Tax Officer, Non-Corporate Ward 1(1), Chennai – Respondent
| Table of Content |
|---|
| 1. assessee's tax return reported income including specific sources. (Para 3) |
| 2. arguments highlighting erroneous surcharge application. (Para 4 , 5 , 6) |
| 3. court's analysis and reliance on precedent. (Para 7 , 8 , 9 , 10) |
| 4. final ruling on surcharge application in trusts. (Para 11) |
आदेश/ORDER
PER MANU KUMAR GIRI, JM:
This appeal filed by the assessee is directed against the order of Addl/JCIT(A)-4, Mumbai dated 28.02.2025 for the Assessment Year 2021-22.
2. The assessee has raised the following grounds of appeal:-
Ground No 1
1.The order of the Respondent is contrary to law, facts and circumstances of the case.
2.Ground No 2 - Erroneous consideration of surcharge at 37% instead of 15%
2.1 On the facts and circumstances of the case and in law, the Ld. Respondent has failed to appreciate that the applicable surcharge rate is 15% and not 37%.
2.2 While the Ld. Respondent was correct in taxing the Appellant as an Associations of Persons (AOP)at the Maximum Marginal Rate (MMR), he failed to provide due cognizance of the fact that the entire income of the Appellant amounting to INR 82,21,860 comprised only of special incomes in the nature of capital gains and dividend income.
2.3 T
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