https://www.taxtmi.com/caselaws?id=358578 The Tribunal allowed the appeal of the assessee, determining that beneficial ownership and voting power remained consistent, enabling the set-off of brought forward losses against the current year's income under Section 79 of the Income Tax Act. Mr. Vijay Wadhwa and Mrs. Vinita Wadhwa, holding significant shares in intermediary companies linked to the assessee, were found to beneficially control over 51% of the voting power in the assessee company. Consequently, the assessee was permitted to set off losses of Rs. 20,98,59,295/- against the income of the relevant assessment year. en-us Wed, 14 Feb 2018 00:00:00 +0530 Sat, 14 Apr 2018 07:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358578 The Tribunal allowed the appeal of the assessee, determining that beneficial ownership and voting power remained consistent, enabling the set-off of brought forward losses against the current year's income under Section 79 of the Income Tax Act. Mr. Vijay Wadhwa and Mrs. Vinita Wadhwa, holding significant shares in intermediary companies linked to the assessee, were found to beneficially control over 51% of the voting power in the assessee company. Consequently, the assessee was permitted to set off losses of Rs. 20,98,59,295/- against the income of the relevant assessment year. Case-Laws Income Tax Wed, 14 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358578