ITAT Ahmedabad Taxes MOU Receipts as Other Sources as Assessee Lacks Land Ownership Rights

Simatajvar Yusufkhan Khan Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad: MOU Receipts Taxable as ‘Income from Other Sources’ When Assessee Has No Ownership Rights in Land The Income Tax Appellate Tribunal dismissed all four appeals of the assessee for AYs 2009-10, 2010-11, 2013-14 and 2014-15, holding that amounts received under an unregistered MOU for sale of land were not capital receipts but were rightly taxable as income from other sources. The Tribunal found that the assessee was neither the owner nor in possession of the land, which had admittedly been sold as far back as 1968 to third part...