Section 68 addition merely for non-registration of MOU not sustainable

Vishwanath Ramchandra Panvelkar Vs DCIT (ITAT Mumbai)

We notice that the AO has expressed doubt only on the MOU entered by the assessee with M/s Samarth Enterprises, since it was not registered. However, the AO is placing reliance on the very same MOU to express the view that the assessee should have forfeited the advance amount as per the right given in the MOU an accordingly expressed the view that it is taxable as gift u/s 56(2) of the Act. We noticed that the assessee had entered into agreement for purchase of the proper

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