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          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. Here it shows just a few of many results. To view list of all cases mentioning this section, Visit here

          Provisions expressly mentioned in the judgment/order text.

          <h1>Closely-held companies must meet the 51% ownership rule to offset past losses against current income.</h1> A closely-held company cannot aggregate unabsorbed losses from previous years with the current financial year's income unless it meets the continuity of ownership test. This test is satisfied if the same individuals hold at least 51% of the voting power at the end of both the preceding and relevant financial years. Changes in voting power due to shareholder death or share transfers as gifts to relatives are disregarded. Additionally, changes in shareholding due to the amalgamation or demerger of a foreign parent company are ignored if 51% of the shareholders remain the same in the new entity.

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