ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BAREILLY, BAREILLY vs. ANKUR ANAND, BAREILLY

ITA 337/LKW/2025Status: DisposedITAT Lucknow13 February 2026AY 2015-16Bench: SHRI SUDHANSHU SRIVASTAVA (Judicial Member), SHRI NIKHIL CHOUDHARY (Accountant Member)26 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the deletion of the addition by the CIT(A). It held that for assessments under Section 153A following a search, additions can only be made based on incriminating material found during the search. In the absence of such material, completed assessments cannot be disturbed.

What were the facts?

During a search operation, the Assessing Officer (AO) disallowed Long Term Capital Gains (LTCG) claimed as exempt under Section 10(38) on the sale of penny stocks, treating it as unaccounted money under Section 68. The assessee had purchased shares for Rs. 30,00,000 and sold them for Rs. 11,47,87,502, claiming LTCG of Rs. 11,17,87,500.

What were the issues?

Whether additions under Section 153A can be made in the absence of incriminating material found during a search, and whether the CIT(A) erred in deleting the addition of LTCG.

Which sections of the Income-tax Act were involved?

Section 10(38),Section 68,Section 153A

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Cases cited in this judgment(5)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, LUCKNOW BENCH ‘B’, LUCKNOW

Before: SHRI SUDHANSHU SRIVASTAVA & SHRI NIKHIL CHOUDHARY

For Appellant: Shri Neeraj Kumar, CIT (DR)

PER SUDHANSHU SRIVASTAVA, J.M.: These three appeals are preferred by the Department in cases of two different assessees against the separate orders dated 21.03.2025 passed by the Ld. Commissioner of Income Tax (Appeals)-3, Lucknow {hereinafter called ‘CIT (A)} for Assessment Years (AY) 2014-15 and 2015-16. Since the three

I.T(SS).A. Nos. 336 & 337/LKW/2025 IT(SS).A. No.334/LKW/2025 2

Departmental appeals are having identical issues, they w

The order continues below.

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