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TMI Blog1996 (2) TMI 93X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Act, 1961, by which the following questions have been referred to this court for its opinion : " 1. Whether, on the facts and in the circumstances of the case having held that there was a change in the ownership of majority shareholding of the assessee-company, the Tribunal was legally correct in holding that it did not amount to a change in the ownership of the assessee-company ? 2. Whether, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Indian Companies Act which manufactures articles like metal and metal sheets including lanterns, stoves, metal boxes, cover, etc. Its manufacturing operations were suspended on November 30, 1965, and restarted on September 1, 1971. In the relevant assessment year 1973-74, the assessee claimed set-off of the losses and unabsorbed depreciation, carried forward from the assessment years 1965-66 to 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ders of the company does not change the legal identity of the company. A limited liability company is thus different from a partnership-firm because while a company is distinct from its shareholders and directors, a partnership-firm is not different from its partners and it is not a distinct legal entity. Since the assessee is a limited liability company change in the ownership of its shares will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding of the Tribunal in paragraph 22 of its order is that the conditions mentioned in section 32(2) of the Income-tax Act have been fully satisfied. These are findings of facts and we cannot interfere with them in advisory jurisdiction under section 256. For the above reasons, all the questions are answered against the Department and in favour of the assessee. There will be no order as to costs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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