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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 a change in shareholding has taken place in a previous year in case of a company, not being a company in which public are substantially interested, then no loss incurred in any year prior to the previous year shall be carried forward and set off aga .....

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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 such previous year and such loss has been incurred during the period of 7 years beginning from the year in which such company is incorporated. Provided that this section shall not apply in following cases where there is change in voting power and sha .....

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