Change in shareholding rule: relocation driven transfers exempted from the loss carry forward restriction under section 79. The Bill inserts an exception in sub section (2) of section 79 so that a change in shareholding during the previous year occurring solely on account of relocation under the Explanation to clause (viiac) and (viiad) of section 47 will not trigger the section 79 restriction on carry forward and set off of past losses; the amendment operates from 1 April 2022 for assessment year 2022 23 and thereafter.
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Change in shareholding rule: relocation driven transfers exempted from the loss carry forward restriction under section 79.
The Bill inserts an exception in sub section (2) of section 79 so that a change in shareholding during the previous year occurring solely on account of relocation under the Explanation to clause (viiac) and (viiad) of section 47 will not trigger the section 79 restriction on carry forward and set off of past losses; the amendment operates from 1 April 2022 for assessment year 2022 23 and thereafter.
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