- (1.) THE present appeal under s. 260A of the IT Act, 1961 (hereinafter referred to as "the Act", arises out of the order of the 97.
(2.) BRIEFLY stated the facts giving rise to the present appeal are as follows : gift/donation from 46 donors. All the 46 donors had purchased the land, which they had gifted, through registered sale deeds sometimes during the period 1992 -94. They had gifted the land by way of registered gift deeds and the value of the plots so gifted came to be Rs. 3,35,39,387. The assessee incurred an expenditure of Rs. 49,51,161 towards purchase of stamp papers and registration charges for execution of the gift deeds. The assessing authority added the amount towards the value of the land and expenses as unexplained investment under s. 69 of the Act. The CIT(A) deleted the addition which order has been affirmed by the Tribunal.
(3.) WE have heard Sri Shambhu Chopra, learned standing counsel for the Revenue. Learned standing counsel submitted that the donors were not produced before the assessing authority for cross - examination and the summons issued under s. 131 of the Act remained unanswered. In the circumstances he submitted that the investment made in the land has rightly been added in the hands of the assessee. The submission is wholly misconceived.;