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The learned Senior Counsel appearing for the appellant-revenue has reiterated the reasons which weighed with the Assessing Officer in making addition in hands of the recipient assessee.

As can be seen from the order of the Commissioner (Appeals) it has been found on facts after considering the evidence on record that the entire basis for making addition is a draft agreement found from one Shri Arun B. Shah and the said document contains the name of Shri Vasant Adani as transferee along with one Shri Harshad Patel. It has further been found that the document has not been signed by any of the parties. Commissioner (Appeals) has further recorded that in absence of any signature by any of the parties it was not possible to hold that the document had in reality been executed or that any such transaction as reflected by the document had in reality been carried out. Commissioner (Appeals) has, therefore, come to the conclusion that there was no evidence to raise a presumption that Shri Vasant Adani had received any consideration for transfer of the so-called administrative control over the land belonging to the society. It has also been found by Commissioner (Appeals) that Shri Adani was not an office-bearer of the society prior to the draft amendment. In the circumstances, Commissioner (Appeals) held that there was no reason for presuming that Shri Adani had transferred any rights in the land as per the said unsigned document or received any consideration for transfer at a sum of Rs.1.85 crores. It is in light of the aforesaid findings that Commissioner (Appeals) had deleted the addition in hands of Shri Adani.