TaxTMI 
TaxTMI 
2012 (2) TMI 409
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.... I. T. A. No. 507/2010-11 dated December 13, 2011 for the assessment year 2003-04. Shri K. Ravi, advocate, represented on behalf of the assessee and Shri K. E. B. Rengarajan, junior standing counsel represented on behalf of the Revenue. It was submitted by the learned authorised representative that the assessee is an individual who had taken a loan from M/s. TVS Finance and Services Ltd. during ....
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....he submission that notice under section 148 of the Income-tax Act, 1961 ("the Act" for short) had been issued to the assessee and the assessee had filed the nil return. It was the submission that the notice under section 148 of the Act was issued to the assessee on account of the information which came to the possession of the Department that in the assessee's case an amount of Rs. 30,23,762 had b....
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....arned authorised representative that the assessee did not have any business income and that the assessee had not claimed any portion of the amount of Rs. 30,23,761 as a deduction during any of the earlier assessment years. It was the submission that as the assessee did not have any business nor the assessee had claimed the expenditure, the same could not be brought to tax by invoking the provision....
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....,23,762. It was the submission that on the writing off of the assessee's debt by M/s. TVS Finance and Services Ltd., the provisions of section 41(1) of the Act came into play. It was the submission that the order of the learned Commissioner of Incometax (Appeals) was liable to be upheld. We have considered the rival submissions. A perusal of the provisions of section 41(1) of the Act clearly show....