Section 57(iii)

Income Tax

Son Transferred Shares Worth Rs. 96.32 Crore to Mother’s Demat Account as ‘Loan’; ITAT Upholds Capital Gains Tax on Transfer | Biz Flow Kit
Byadmin June 17, 2026

Son Transferred Shares Worth Rs. 96.32 Crore to Mother’s Demat Account as ‘Loan’; ITAT Upholds Capital Gains Tax on Transfer The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the cross appeals filed by the Revenue and the assessee, Gurpreet Singh Dhillon, for Assessment Year 2013-14. The dispute primarily related to the taxability…

Read More Son Transferred Shares Worth Rs. 96.32 Crore to Mother’s Demat Account as ‘Loan’; ITAT Upholds Capital Gains Tax on Transfer | Biz Flow Kit
Income Tax

Appellate Tribunal Allows Deduction to 120-Year-Old Jain Religious Society; Ad-Hoc Disallowance Quashed | Biz Flow Kit
Byadmin February 22, 2026

Appellate Tribunal Allows Deduction to 120-Year-Old Jain Religious Society; Ad-Hoc Disallowance Quashed Intazamiya Kameti Shri Hastinapur Teerth, a religious society managing Jain temples at Hastinapur, derived income mainly from voluntary contributions and interest. For AY 2022–23 and AY 2023–24, it claimed expenditure under Section 57(iii) against such income. The Assessing Officer disallowed 30% of expenditure…

Read More Appellate Tribunal Allows Deduction to 120-Year-Old Jain Religious Society; Ad-Hoc Disallowance Quashed | Biz Flow Kit