https://www.taxtmi.com/caselaws?id=305956 The Tribunal upheld the deletion of disallowance of set off of brought forward losses under section 79 of the Income-tax Act, 1961, due to a change in shareholding. It was held that as there was no change in the immediate shareholding pattern of the assessee company, section 79 did not apply. Additionally, the disallowance of club expenditure in AY 2014-15 was also deleted as it was deemed to be incurred wholly and exclusively for business purposes. Both appeals by the Revenue were dismissed, and the Tribunal's decision was pronounced on February 22, 2022. en-us Tue, 22 Feb 2022 00:00:00 +0530 Tue, 18 Apr 2023 11:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305956 The Tribunal upheld the deletion of disallowance of set off of brought forward losses under section 79 of the Income-tax Act, 1961, due to a change in shareholding. It was held that as there was no change in the immediate shareholding pattern of the assessee company, section 79 did not apply. Additionally, the disallowance of club expenditure in AY 2014-15 was also deleted as it was deemed to be incurred wholly and exclusively for business purposes. Both appeals by the Revenue were dismissed, and the Tribunal's decision was pronounced on February 22, 2022. Case-Laws Income Tax Tue, 22 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305956