https://www.taxtmi.com/caselaws?id=23135 The Tribunal's decision to deny the set-off of losses under section 79 was overturned. The change in shareholding was deemed a legitimate business transaction due to financial difficulties, not tax avoidance. The absence of concrete evidence supporting tax avoidance intent led to a ruling in favor of the assessee. The court emphasized that meeting either condition in section 79 is adequate to avoid disqualification, rendering the denial of set-off unjustified. en-us Fri, 02 Feb 1990 00:00:00 +0530 Thu, 17 Dec 2009 10:22:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23135 The Tribunal's decision to deny the set-off of losses under section 79 was overturned. The change in shareholding was deemed a legitimate business transaction due to financial difficulties, not tax avoidance. The absence of concrete evidence supporting tax avoidance intent led to a ruling in favor of the assessee. The court emphasized that meeting either condition in section 79 is adequate to avoid disqualification, rendering the denial of set-off unjustified. Case-Laws Income Tax Fri, 02 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23135