https://www.taxtmi.com/caselaws?id=21199 The High Court ruled in favor of the assessee, holding that section 79 of the Income-tax Act, 1961 did not disqualify the company from claiming the set off as the change in shareholding was considered bona fide and not for tax avoidance purposes. The Court emphasized the importance of factual findings in interpreting tax provisions and considered both clauses (a) and (b) of section 79 as alternative exceptions, ultimately allowing the assessee to offset losses against income despite the change in shareholding. en-us Tue, 11 Aug 1992 00:00:00 +0530 Fri, 20 Nov 2009 16:58:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21199 The High Court ruled in favor of the assessee, holding that section 79 of the Income-tax Act, 1961 did not disqualify the company from claiming the set off as the change in shareholding was considered bona fide and not for tax avoidance purposes. The Court emphasized the importance of factual findings in interpreting tax provisions and considered both clauses (a) and (b) of section 79 as alternative exceptions, ultimately allowing the assessee to offset losses against income despite the change in shareholding. Case-Laws Income Tax Tue, 11 Aug 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21199