https://www.taxtmi.com/caselaws?id=70519 The Tribunal held that for the assessment year 1973-74, the assessee could carry forward and set off prior losses as the change in share-holdings was not for tax avoidance. For the assessment year 1974-75, Section 79 did not apply beyond the year of change, and the change in share-holdings was genuine. The Tribunal dismissed Appeal No. 2031/(Mad) 1974-75 and allowed Appeal No. 1162 (Mad) /1975-76, directing the ITO to grant the assessee's claim. en-us Fri, 27 Aug 1976 00:00:00 +0530 Sat, 16 Apr 2011 15:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70519 The Tribunal held that for the assessment year 1973-74, the assessee could carry forward and set off prior losses as the change in share-holdings was not for tax avoidance. For the assessment year 1974-75, Section 79 did not apply beyond the year of change, and the change in share-holdings was genuine. The Tribunal dismissed Appeal No. 2031/(Mad) 1974-75 and allowed Appeal No. 1162 (Mad) /1975-76, directing the ITO to grant the assessee's claim. Case-Laws Income Tax Fri, 27 Aug 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70519