https://www.taxtmi.com/caselaws?id=28699 The court held that clauses (a) and (b) of Section 79 are cumulative, allowing the assessee to carry forward and set off earlier years' losses. It was determined that Section 79 applies not only to the year of change in shareholding but also to subsequent years if the change was not to avoid tax liability. The assessee was granted the benefit of Section 72 in subsequent years, and the tax cases were resolved in favor of the assessee with costs awarded. en-us Tue, 21 Sep 1982 00:00:00 +0530 Thu, 25 Feb 2010 10:06:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28699 The court held that clauses (a) and (b) of Section 79 are cumulative, allowing the assessee to carry forward and set off earlier years' losses. It was determined that Section 79 applies not only to the year of change in shareholding but also to subsequent years if the change was not to avoid tax liability. The assessee was granted the benefit of Section 72 in subsequent years, and the tax cases were resolved in favor of the assessee with costs awarded. Case-Laws Income Tax Tue, 21 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28699