SHRI KAPIL KHANDELWAL,BAREILLY V. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, BAREILLY

ITA 115/LKW/2020

AI Insights

This case involves an appeal by Shri Kapil Khandelwal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which dismissed his appeal regarding the assessment of his income for the year 2015-16. The primary contention was the treatment of income from the purchase and sale of shares, which the Assessing Officer had classified as business income, leading to a significant increase in the assessed income. The Tribunal, after considering the submissions from both parties, decided to remand the matter back to the CIT(A) for a comprehensive re-evaluation of all issues presented.

• Counselvise Citation: [2025] 140 COUNSELVISE.COM (IT) 790031 (ITAT-LUCKNOW)
• Duration Of Justice: 5 year(s) 9 month(s) 18 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-11-2025
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: SMC
• Assessment Year: misc
• Appeal Filed On: 06-02-2020
• Laws Referred To: Income Tax Act
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: AMIT KUMAR
• Assessee Lawyers: P.K. KAPOOR
• Keywords: Business income
• Section: 143(3)

Judgement Text

"I.T.A. No.115/Lkw/2020 Assessment Year:2015-16 1 IN THE INCOME TAX APPELLATE TRIBUNAL LUCKNOW BENCH ‘SMC’, LUCKNOW BEFORE SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER I.T.A. No.115/Lkw/2020 Assessment Year:2015-16 Shri Kapil Khandelwal 56, More Kothi, Gangapur, Bareilly-243001 PAN:AIYPK4908M Vs. A.C.I.T., Circle-1, Bareilly. (Appellant) (Respondent) O R D E R (A) This appeal vide I.T.A. No.115/Lkw/2020 has been filed by the assessee for assessment year 2015-16 against impugned appellate order dated 11/12/2019 passed by learned Commissioner of Income Tax (Appeals) [“CIT(A)” for short]. (B) The facts of the case, in brief, are that the assessee is an individual and filed his return of income for the year under consideration on 17/03/2016 declaring total income at Rs.14,52,000/-. The case was selected under CASS. The Assessing Officer passed assessment order under section 143(3) of the I.T. Act on 22/12/2017 and determined the total income of the assessee at Rs.35,16,939/- (rounded off to Rs.35,16,940/- and made the addition of Rs.20,64,939/- treating the same as earned Appellant by Shri P. K. Kapoor, C. A. Respondent by Shri Amit Kumar, Addl. CIT, D.R. Printed from counselvise.com I.T.A. No.115/Lkw/2020 Assessment Year:2015-16 2 against purchase and sale of share and treated as business income of the assessee. Being aggrieved, the assessee went in appeal before the learned CIT(A). The learned CIT(A), vide impugned appellate order dated 11/12/2019 has dismissed the appeal of the assessee. Now the assessee is in appeal before the Income Tax Appellate Tribunal. (C) At the time of hearing in Tribunal, learned A.R. for the assessee drew attention to written submissions, relevant portion of which is reproduced below: Printed from counselvise.com I.T.A. No.115/Lkw/2020 Assessment Year:2015-16 3 (C.1) Placing reliance on the aforesaid written submissions, the learned A.R. for the assessee submitted that the issue in dispute be restored back to the file of the learned CIT(A) with the direction to pass fresh order deciding all the issues raised in appeal filed before him. The learned Departmental Representative expressed no objection. In view of the foregoing, as both sides are in agreement, the issues in dispute are restored back to the file of the learned CIT(A) with the direction to pass fresh order deciding all the issues raised in appeal filed before him in accordance with law after giving reasonable opportunity to the assessee. (D) In the result, the appeal of the assessee stands allowed for statistical purposes. (Order pronounced in the open court on 25/11/2025) Sd/. (ANADEE NATH MISSHRA) Accountant Member Dated:25/11/2025 *Singh Copy of the order forwarded to : 1. The Appellant 2. The Respondent. 3. Concerned CIT 4. D.R., I.T.A.T. Lucknow Printed from counselvise.com "