K.S.JHAVERI - (1.) By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal of the assesses.
(2.) This court while admitting the appeal on 18.07.2017 framed the following question of law:- "Whether on the facts and circumstances of the case and in law, the Hon'ble ITAT is right in setting aside the order of Principal CIT-I passed under section 263 of the I.T. Act, holding that the law did not permit the Pr.CIT to replace the view of the AO without appreciating the fact that the assessment order was set-aside on the ground that the AO had passed the order without making enquiries or verification, which should have been made?"
(3.) The brief facts of the case are that the assesses is engaged in the business of real estate i.e. purchase and sale of land. During the assessment proceedings it was found that assesses has sold two properties amounting to Rs. 30,00,000/- and Rs. 23,00,000/- on 28/12/2010 total amounting to Rs. 53,00,000/- out of his business stock of Rs. 57,51,720/-. The Assessing Officer during the assessment proceedings accepted the returned income as declared by assesses is and assessed the income of assesses under section 143(3) of the Income Tax Act, 1961, at Rs. 27,93,750/-.;