K.S.JHAVERI,J. - (1.) By way of this appeal, the appellant has challenged the judgment and order passed by the tribunal whereby the tribunal has allowed the appeal of the assessee and dismissed the appeal of the department modifying the order of A.O. as well as the C.I.T. Appeals.
(2.) This court while admitting the matter has framed following questions of law:- "Whether on the facts and in law the ITAT was justified in deleting the trading addition made on account of suppression of sale by the Assessing Officer after rejecting books of accounts under section 145(3) and assigning detailed reasons for the same?"
(3.) Counsel for the appellant has taken us to the order passed by the A.O. and contended that the A.O. after considering the evidence on record as well as considering the transactions has observed as under:- "Thus the AO rejected the books of account as aforestated and held at internal page 11 of her order that the total area of the plots sold by the assessee works out to Rs. 1,23,274.92 sq. yards and applied the rate of Rs. 635 per sq. yard on the aforesaid square yards. On the other hand, the assessee has shown the value of Rs. 4,40,72,870/- received against the selling of aforesaid land. The difference of the same i.e. Rs. 3,42,06,704/- was added to the total income of the assessee on account of addition of suppression of sales.";