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Section 79 - Carry forward and set off of losses in the case of certain companies

Income Tax - Set off and Carry forward of Losses - 12 - SEC - 79: CARRY FORWARD AND SET OFF OF LOSSES IN THE CASE OF CERTAIN COMPANIES (Following section 79 has been substituted for the existing section 79 by the FA, 2017, w.e.f. 1-4-2018) (a). Where .....

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inst the income of the previous year unless on the last day of that previous year and on the last day of the year in which loss was incurred, the shares of the company carrying not less than 51% of the voting power were beneficially held by the same .....

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ied forward and set off against the income of the previous year, if all the shareholders of such company who held shares carrying voting power on the last day of the yearin which the loss was incurred continue to hold those shares on the last day of .....

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reholding in the previous year:- i. where the change takes place consequent upon the death of the shareholder ii. where the change takes place by way of gift of shares to any relative of the shareholder making the gift Provided further that this sect .....

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