Magnetic Resonance Imaging (MRI) is the most commonly used non-intrusive technique for medical image acquisition. Brain tumor segmentation is the process of algorithmically identifying tumors in brain MRI scans. Apart from providing real-time segmentation of MRI scans, the proposed architecture does not need large amount of data to train the proposed lightweight U-Net. Moreover, no additional data augmentation step is required. The lightweight U-Net shows very promising results on BITE dataset and it achieves a mean intersection-over-union (IoU) of 89% while outperforming the standard benchmark algorithms. Additionally, this work demonstrates an effective use of the three perspective planes, instead of the original three-dimensional volumetric images, for simplified brain tumor segmentation.