Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 79 Amended: Changes in Voting Power Exemptions Added for Shareholder Death or Gift Transfers.</h1> Section 79 of the Income-tax Act is amended effective April 1, 1989, by the Finance Act, 1988. In clause (a), the word 'or' at the end is removed, and a proviso is added stating that the section does not apply when a change in voting power occurs due to a shareholder's death or transfer of shares as a gift to a relative. Clause (b) is omitted entirely.
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