R.C. Sharma, Accountant Member - This is an appeal filed by the Revenue against the order CIT(A) dated 12-8-2009, in the matter of order passed u/s. 143(3) of the IT. Act, for the assessment year 2006-07, wherein following grounds have been taken by the Revenue :—

'I. The Learned CIT(A) has erred on facts and in law and in the circumstances of the case in deleting the addition on account of interest paid of Rs. 9,66,115/- and addition on account of foreign travelling expenses of Rs.1,95,654.

II. The Learned CIT(A) has erred on facts and in law and in the circumstances of the case in directing the Assessing Officer to treat the Income from Share transaction as Short term capital gain, instead of Income from Share transaction as business income adopted by the A.O.

IlI. The Learned CIT(A) has erred in not appreciating the facts of the case that the assessee had taken term loan for purchase of Immoveable property and the same is not related to the business of the assessee and not allowable U/sec. 36(iii) of the Act and assessee has deliberately debited to P & L account, knowing well that the interest expenditure is not related to the business.

IV. The Learned CIT(A) has erred in not a