https://www.taxtmi.com/caselaws?id=24243 The High Court affirmed the Tribunal's interpretation of section 79(a) of the Income-tax Act, 1961 for the assessment years 1974-75 and 1976-77. It held that the provisions of section 79(a) were clearly attracted, emphasizing the need to consider the change in shareholding and its impact on tax liability. The court directed the Income-tax Officer to reconsider the set off of losses for the respective years, stressing the importance of applying the provisions of section 79 and considering whether the change in shareholding was aimed at avoiding tax liability. en-us Tue, 15 Nov 1988 00:00:00 +0530 Mon, 18 Jan 2010 17:06:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24243 The High Court affirmed the Tribunal's interpretation of section 79(a) of the Income-tax Act, 1961 for the assessment years 1974-75 and 1976-77. It held that the provisions of section 79(a) were clearly attracted, emphasizing the need to consider the change in shareholding and its impact on tax liability. The court directed the Income-tax Officer to reconsider the set off of losses for the respective years, stressing the importance of applying the provisions of section 79 and considering whether the change in shareholding was aimed at avoiding tax liability. Case-Laws Income Tax Tue, 15 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24243