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of <h1>Section 79: Carry Forward of Losses in Closely Held Companies Hinges on 51% Shareholding Consistency; Includes Key Exceptions</h1> Section 79 of the Income Tax Act addresses the carry forward and set off of losses for closely held companies. If a change in shareholding occurs, losses from previous years cannot be carried forward unless the same shareholders hold at least 51% of voting power at both the time of loss and the end of the previous year. Exceptions include eligible startups under section 80-IAC, changes due to shareholder death or gifts, and certain corporate restructurings like amalgamations or demergers. Additional exceptions apply to companies undergoing resolution plans under the Insolvency and Bankruptcy Code, 2016, and those with board changes under the Companies Act, 2013.
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