https://www.taxtmi.com/caselaws?id=18362 The court ruled in favor of the assessee on all issues. It held that a change in majority shareholding does not alter the legal identity of a limited liability company. The court also found that the two lines of business carried out by the assessee in different periods constituted the same business. Additionally, the court upheld the allowance of the assessee's claim for adjustment of unabsorbed depreciation from previous assessment years, respecting the Tribunal's factual findings. The judgment favored the assessee, emphasizing the distinction between a company and its shareholders, business continuity, and adherence to statutory conditions. No costs were awarded to either party. en-us Tue, 20 Feb 1996 00:00:00 +0530 Wed, 30 Sep 2009 13:30:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18362 The court ruled in favor of the assessee on all issues. It held that a change in majority shareholding does not alter the legal identity of a limited liability company. The court also found that the two lines of business carried out by the assessee in different periods constituted the same business. Additionally, the court upheld the allowance of the assessee's claim for adjustment of unabsorbed depreciation from previous assessment years, respecting the Tribunal's factual findings. The judgment favored the assessee, emphasizing the distinction between a company and its shareholders, business continuity, and adherence to statutory conditions. No costs were awarded to either party. Case-Laws Income Tax Tue, 20 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18362