https://www.taxtmi.com/caselaws?id=6017 For Section 79, "loss" is confined to business loss and does not include unabsorbed depreciation or unabsorbed development rebate, so those items cannot be treated as prior losses for carry-forward purposes. The Court also applied earlier binding authority to reject the Revenue's broader construction that would require proving both a 51% transfer of voting power and an intent to reduce or avoid tax liability. On the exception-clause question, the same prior reasoning governed, and the condition was not established in the Revenue's favour. The High Court's view was sustained and the Revenue's challenge failed. en-us Wed, 20 Sep 1995 00:00:00 +0530 Sun, 30 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6017 For Section 79, "loss" is confined to business loss and does not include unabsorbed depreciation or unabsorbed development rebate, so those items cannot be treated as prior losses for carry-forward purposes. The Court also applied earlier binding authority to reject the Revenue's broader construction that would require proving both a 51% transfer of voting power and an intent to reduce or avoid tax liability. On the exception-clause question, the same prior reasoning governed, and the condition was not established in the Revenue's favour. The High Court's view was sustained and the Revenue's challenge failed. Case-Laws Income Tax Wed, 20 Sep 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6017