MANOJ KUMAR DUBEY,KANPUR vs. INCOME TAX OFFICER WARD 2(2)(3), AAYAKAR BHAWAN KANPUR

ITA 273/LKW/2026Status: DisposedITAT Lucknow31 August 2026AY 2024-256 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the assessee was not afforded a reasonable opportunity of being heard and that the gross value of securities cannot be treated as capital gains without considering the cost of acquisition. The matter was restored to the Assessing Officer for fresh assessment.

What were the facts?

The assessee's appeal was dismissed by the CIT(A) for non-compliance. The assessee claimed they did not receive a proper opportunity and had applied for an adjournment which was overlooked. The Assessing Officer had treated the gross value of securities as capital gains without considering the cost of acquisition.

What were the issues?

Whether the assessee was denied a reasonable opportunity of being heard by the CIT(A) and whether the gross value of securities can be treated as capital gains without considering the cost of acquisition.

Which sections of the Income-tax Act were involved?

Section 250,Section 142(1)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, LUCKNOW BENCH “A”, LUCKNOW

Before: SHRI KUL BHARAT & SHRI NIKHIL CHOUDHARY

PER KUL BHARAT, VICE PRESIDENT.: This appeal, by the assessee, is directed against the order of the Learned Commissioner of Income-tax/National Faceless Appeal Centre (NFAC), Delhi dated 18.02.2026, pertaining to the assessment year 2024-25. The assessee has raised the following grounds of appeal: - “01. THAT the CIT(A)/NFAC has erred in fact, without appreciating the fact, dismissed the appeal, which is illegal, bad in law, arbitrary be quas

The order continues below.

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