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TMI Blog2012 (7) TMI 790X X X X Extracts X X X X X X X X Extracts X X X X ..... T.R.Meena, Accountant Member This is an appeal at the behest of the Revenue which has emanated from the order of CIT(A)-I, Ahmedabad, order dated 28.02.2012 for assessment year 2009-10. 2. The only ground of Revenue is against deletion of disallowance of claim of bad debts of Rs. 19,00,000/-. The A.O. observed that the assessee had claimed bad debt of Rs. 19,00,000/- in the name of Trident Prolif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount is enclosed as Annexure-1 of this order. It was informed by the ld. A.R. that this Rs.23,50,029 is net interest tincome as the appellant had advanced loans on which it received interest and had also borrowed funds on which it paid interest. The interest ledger account shows interest received of Rs.37,75,375 and interest paid of Rs.14,25,345 and this account is enclosed as Annexure-2 of this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed unless such debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part thereof is written off or of an earlier previous year, or represents money lent in the ordinary course of the business of banking or money-lending which is carried on year under consideration the assessee;" As the appellant is engage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n made by the A.O. whereas from the side of the assessee no one appeared. But the facts are clear from the CIT(A) order. The assessee is in the line of money lending business and this amount had been advanced as loan in A.Y. 08-09. The assessee has written off this amount as per Section 36(1)(vii) in the books of account. The Hon'ble Supreme Court in the case of TRF Ltd. Vs. CIT 323 ITR 390 had al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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