Resolution plan under insolvency law exempts companies from section 79 loss disallowance after tax authority hearing. The amendment exempts companies whose change in shareholding in a previous year occurs pursuant to an approved resolution plan under the Insolvency and ... Summary
Resolution plan under insolvency law exempts companies from section 79 loss disallowance after tax authority hearing.
The amendment exempts companies whose change in shareholding in a previous year occurs pursuant to an approved resolution plan under the Insolvency and Bankruptcy Code, 2016, from the restriction on carry forward and set off of losses, provided the jurisdictional Principal Commissioner or Commissioner is given a reasonable opportunity of being heard.
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