Firm liable for Levy of Surcharge Only When Total Income Exceeds One Crore Rupees: ITAT [Read Order]

By Aparna. M - On February 21, 2023 10:00 am - 2 mins read
Levy of Surcharge - Total Income - ITAT - Surcharge - Income - Taxscan

The Hyderabad bench of the Income Tax Appellate Tribunal ( ITAT ) recently held that the firm was only liable for a levy surcharge when the total income of that firm exceeds one crore. Assessee Bhavani Engineering is a partnership firm, carrying the business of generation of solar energy. The returns of income filed by…

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