51. Aradhya Jain Trust vs. ITO
TS-741-ITAT-2024(Mum.)
ITA No. 2197/Mum./2024
A.Ys.: 2022–23
Date of Order: 7th October, 2024
Sections: 2(29C), 167B
The maximum marginal rate is to be computed by taking the maximum rate of income-tax and maximum rate of surcharge applicable in the case of an individual. It is this rate which applies to a private discretionary trust as well.
The levy of maximum marginal rate on trust is thus specific anti avoidance rule and therefore, should be given a strict interpretation.
FACTS
The assessee, a private discretionary trust, filed its return of income declaring total