  We examine theoretically the behaviour of the inner accretion disk in GRS
1915+105 when soft X-ray dips are present in the X-ray light curve. We assume
the presence of a radial shock in the accretion disk, as in some of the Two
Component Advective Flow (TCAF) solutions. We discuss the behaviour of the flux
tubes inside a TCAF (which we name Magnetized TCAF or MTCAF model for brevity)
and compare various competing forces on the flux tubes. In this MTCAF model, we
find that the magnetic tension is the strongest force in a hot plasma of
temperature $\gsim 10^{10}$K and as a result, magnetic flux tubes entering in
this region collapse catastrophically, thereby occasionally evacuating the
inner disk. We postulate that this magnetic `rubber-band' effect induced
evacuated disk matter produces the blobby components of outflows and IR/radio
jets. We derive the size of the post-shock region by equating the time scale of
the Quasi-Periodic Oscillations to the infall time of accreting matter in the
post-shock region and found the shock location to be $\sim 45-66 r_g$. We
calculate the transition radius $r_{tr}$, where the Keplerian disk deviates
into a sub-Keplerian flow, to be $\sim 320r_g$. Based on the derived X-ray
spectral parameters, we calculate the mass of this region to be $\sim10^{18}$g.
We conclude that during the X-ray dips the matter in the post-shock region,
which manifests itself as the thermal-Compton component in the X-ray spectrum,
is ejected, along with some sub-Keplerian matter in the pre-shock region.
