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2011 (5) TMI 589 - AT - Income TaxCarry forward and set off of losses - Revision - Rectification of mistakes - Held that:- If it is a company in which the public are not substantially interested, then section 79 would apply - Although the assessee company was originally registered as a private company, but became public company by virtue of the provisions of section 3(iv)(c) of the Companies Act thus the assessee is a company in which the public are substantially interested, application of section 79 is automatically ruled out because this section applies only "in the case of company, not being a company in which the public are substantially interested - Once a company is found to be not a private company as per the Companies Act, the same cannot be treated as a private company for the purposes of section 79 read with section 2(18) of the Act - As the assessee company did not fall within the ambit of section 79 and as such the CIT was not justified in setting aside the orders allowing set off of the brought forward losses of an earlier year against the income of the years under consideration - in favour of assessee.
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