https://www.taxtmi.com/caselaws?id=406131 The Tribunal partly allowed the appeal, upholding the AO's decision on the carry forward and set off of losses due to the appellant's late filing of income returns. It ruled that the CIT(A) exceeded authority by enhancing income without considering actual transactions and genuine losses. The addition of Rs. 1,62,203 for dividends from M/s. Sriram Chits was upheld, while the Rs. 5,65,498 addition for interest on OD facility and mortgage loan was partly allowed, as additional disallowances cannot be made once income is estimated. en-us Fri, 26 Mar 2021 00:00:00 +0530 Wed, 07 Apr 2021 09:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406131 The Tribunal partly allowed the appeal, upholding the AO's decision on the carry forward and set off of losses due to the appellant's late filing of income returns. It ruled that the CIT(A) exceeded authority by enhancing income without considering actual transactions and genuine losses. The addition of Rs. 1,62,203 for dividends from M/s. Sriram Chits was upheld, while the Rs. 5,65,498 addition for interest on OD facility and mortgage loan was partly allowed, as additional disallowances cannot be made once income is estimated. Case-Laws Income Tax Fri, 26 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406131