https://www.taxtmi.com/caselaws?id=446151 The ITAT Mumbai allowed the assessee's claim for setting off brought forward losses against current income. The AO had disallowed the losses citing Section 79 due to changes in company shareholding, relying on an assessment order for AY 2012-13. However, the coordinate bench had previously reversed this position, holding that changes in individual shareholding do not attract Section 79 provisions. Following this precedent, the tribunal allowed the brought forward losses to be set off, overturning the lower authorities' decision that was based on the now-reversed AY 2012-13 assessment order. en-us Wed, 30 Aug 2023 00:00:00 +0530 Mon, 27 Nov 2023 07:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446151 The ITAT Mumbai allowed the assessee's claim for setting off brought forward losses against current income. The AO had disallowed the losses citing Section 79 due to changes in company shareholding, relying on an assessment order for AY 2012-13. However, the coordinate bench had previously reversed this position, holding that changes in individual shareholding do not attract Section 79 provisions. Following this precedent, the tribunal allowed the brought forward losses to be set off, overturning the lower authorities' decision that was based on the now-reversed AY 2012-13 assessment order. Case-Laws Income Tax Wed, 30 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446151