TMI Blog2008 (6) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... nt years such as 1996-97 to 1998-98 and that has been accepted by the Department. It is also brought on record that the Assessing Officer has recorded a finding that after perusal of the memorandum of association, one of the objectives of the assessee has been stated to be money-lending – Deduction on account of bad debts allowed. - 381 of 2008 - - - Dated:- 18-6-2008 - K. RAVIRAJA PANDIAN and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . For the assessment year 2000-01, the assessee filed its return of income on November 28, 2000, declaring a total income of Rs. 47,60,400. The assessee claimed an amount of Rs. 35,85,106 as "bad debt" under the provisions of section 36(1)(vii) and 36(2). Out of the above claim, an amount of Rs. 11,25,481 belongs to various trade debtors was allowed by the Assessing Officer. For the balance amount ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h income as part of its business activity. Not satisfied with the order, the Revenue carried the matter to further appeal to the Tribunal and the Tribunal also by reason of the impugned order confirmed the order of the Commissioner of Income-tax (Appeals). The correctness of the said order is canvassed in this appeal by the Revenue by formulating the above question of law. 3. Mr. Narayanaswamy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6-97 to 1998-98 and that has been accepted by the Department. It is also brought on record that the Assessing Officer has recorded a finding that after perusal of the memorandum of association, one of the objectives of the assessee has been stated to be money-lending. 6. In view of the abovesaid reasoning, we do not find any merit in the appeal, much less, a substantial question of law for ent ..... X X X X Extracts X X X X X X X X Extracts X X X X
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