2011 (3) TMI 1646

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....s in the appeal, the sum and substance of which is that the ld. Commissioner of Income-tax (Appeals) erred in deleting the addition of Rs. 47,05,387/-, made by the AO in respect of unclaimed unsecured loans and that he failed to appreciate that the amount represents income u/s 28(iv) of the Income-tax Act, 1961. 2. The finding of the AO in this regard is that the assessee has not been carrying ....

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....engar & Sons Ltd. (supra) has been distinguished. Since none of the conditions mentioned above has been satisfied, the addition has been deleted. 4. Before us, the ld. DR explained the findings of the AO and the ld. CIT(Appeals). Heavy reliance has been placed on the order of the AO to argue that the impugned order may be set aside and the order of the AO may be restored. No authorized person a....

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....vision contained in section 41(1), the admitted position is that the liability is capital in nature. It has not been yet written off to profit and loss account. The finding of the AO that the assessee has not been carrying on business is contradicted by him when business loss of Rs. 13,927/- was allowed. Thus, it is not a trading liability allowed in past. It has not been written off to the credit....