https://www.taxtmi.com/caselaws?id=19788 The High Court clarified that fulfilling either condition in section 79 of the Income-tax Act, 1961 operates as an alternative, removing the disqualification imposed by a change in shareholding. In this case involving share transfer between family members, the Court found that the acquisition did not aim to reduce tax liability, leading to the non-application of section 79. The Court declined to answer one question based on a misapprehension by the Tribunal and ruled in favor of the assessee, emphasizing the importance of establishing the absence of a tax-avoidance motive in share transfers for the provision's applicability. en-us Wed, 18 Aug 1993 00:00:00 +0530 Mon, 09 Nov 2009 17:09:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19788 The High Court clarified that fulfilling either condition in section 79 of the Income-tax Act, 1961 operates as an alternative, removing the disqualification imposed by a change in shareholding. In this case involving share transfer between family members, the Court found that the acquisition did not aim to reduce tax liability, leading to the non-application of section 79. The Court declined to answer one question based on a misapprehension by the Tribunal and ruled in favor of the assessee, emphasizing the importance of establishing the absence of a tax-avoidance motive in share transfers for the provision's applicability. Case-Laws Income Tax Wed, 18 Aug 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19788