https://www.taxtmi.com/caselaws?id=305930 The Tribunal upheld the disallowance of set off of carried forward business losses for A.Y. 2006-07 and 2007-08 under section 79 of the I.T. Act. Despite the argument that the group still controlled the shares, the change in shareholding pattern did not meet the requirements of section 79. The Tribunal emphasized the distinct legal entity of a company from its shareholders and dismissed the appeal, affirming the decision of the CIT(A) on 23rd October 2013. en-us Wed, 23 Oct 2013 00:00:00 +0530 Fri, 30 Dec 2022 14:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305930 The Tribunal upheld the disallowance of set off of carried forward business losses for A.Y. 2006-07 and 2007-08 under section 79 of the I.T. Act. Despite the argument that the group still controlled the shares, the change in shareholding pattern did not meet the requirements of section 79. The Tribunal emphasized the distinct legal entity of a company from its shareholders and dismissed the appeal, affirming the decision of the CIT(A) on 23rd October 2013. Case-Laws Income Tax Wed, 23 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305930