ITAT Lucknow Allows Set-Off of Spouse’s F&O Losses Arising From Gifted Funds

Vipin Yadav Vs ITO (ITAT Lucknow) The appeal before the Income Tax Appellate Tribunal (ITAT), Lucknow Bench, arose from the order passed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), dated 7 August 2024, affirming the assessment order passed under Section 143(3) of the Income Tax Act for Assessment Year 2018-19. The dispute concerned whether losses arising from derivative and equity trading undertaken in the name of the assessee’s spouse could be clubbed with the assessee’s income under Section 64(1)(iv) of the Income Tax Act. The assessee had...