https://www.taxtmi.com/caselaws?id=22981 The High Court ruled in favor of the assessee regarding the interpretation of section 79(b) of the Income-tax Act, emphasizing the significance of the motive behind transactions and placing the burden of proof on the Income-tax Officer to establish tax avoidance intentions. The Court highlighted that if the change in shareholding was not aimed at tax avoidance, the right to carry forward and set off losses should not be denied. en-us Tue, 11 Jul 1989 00:00:00 +0530 Tue, 15 Dec 2009 16:51:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22981 The High Court ruled in favor of the assessee regarding the interpretation of section 79(b) of the Income-tax Act, emphasizing the significance of the motive behind transactions and placing the burden of proof on the Income-tax Officer to establish tax avoidance intentions. The Court highlighted that if the change in shareholding was not aimed at tax avoidance, the right to carry forward and set off losses should not be denied. Case-Laws Income Tax Tue, 11 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22981