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of <h1>Section 79: Loss Carry Forward Restricted for Private Companies with Shareholding Changes; Exceptions for Startups and NCLT Cases.</h1> Section 79 of the Income-tax Act restricts the carry forward and set off of losses for companies not substantially owned by the public when there is a change in shareholding. The loss can only be carried forward if the same shareholders hold at least 51% of the voting power at both the time of loss and the subsequent year. Exceptions include eligible startups under section 80-IAC and specific scenarios like shareholder death or share transfer as a gift. The Finance Act 2019 extends benefits to distressed companies under NCLT intervention. From Assessment Year 2022-23, certain changes in shareholding due to relocation or strategic disinvestment in PSUs are exempt from these restrictions.
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