ORDER

PER MAHAVIR PRASAD - JM:

This appeal has been preferred by the revenue against the order of Ld. CIT(A) Appeal No. CIT(A)-5/ITO. Wd. 5(2)(3)/128/2015-16 dated 28.11.2016 arising from assessment order dated 27.03.2015 and Revenue has taken following grounds:-

“1. The Ld. CIT(A) has erred in law and on facts in deleting the addition of Rs. 1,40,00,000/- by considering the loss on termination agreement as revenue loss u/s. 28 of the Act without appreciating the fact that the financial position of the assessee was very good on records as she has also made huge investment in various mutual funds in that period.

2. The Ld. CIT(A) has erred in appreciating the fact that the bank accounts of relevant period in F.Y. 2011-12 shows investment in mutual funds and has also failed to verify that the assessee has made other investments and not paid outstanding amount to seller of subjected properly which lead to huge financial loss.

3. On the facts and circumstances of the case, the Ld. CIT(A) ought to have upheld the order of the Assessing Officer.

4. It is, therefore, prayed that the order of the Ld. CIT(A) may be set aside and the order of the Assessing Officer be restored to the above extent.

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