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of <h1>Loss Carry Forward Restrictions Under Business Changes and Section 79 Conditions Explained</h1> Losses cannot be carried forward and set off in specific circumstances involving changes in firm constitution, business succession, or company shareholding. When a partner retires or dies, losses exceeding their profit share cannot be carried forward by the firm. Successors to a business, other than by inheritance, cannot carry forward losses incurred by predecessors. For companies not publicly held, losses from prior years may only be carried forward if at least 51% of voting shares remain with the original shareholders at year-end, except for eligible startups meeting certain continuity and time conditions. Exceptions to these restrictions include changes due to death, gifts to relatives, amalgamations, insolvency resolution plans, board suspensions with Tribunal approval, relocations, and strategic disinvestments where majority control is retained. If majority control is lost post-disinvestment, loss carry forward restrictions apply again. Definitions clarify subsidiary status, erstwhile public sector companies, strategic disinvestment, and Tribunal references.
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