https://www.taxtmi.com/caselaws?id=38220 The court held that clauses (a) and (b) of Section 79 of the Income-tax Act are interconnected, with clause (b) applying when the benefit of clause (a) is not available. The court emphasized that clause (b) would apply even if there is a change in more than 51% of the voting power, provided it was not intended to avoid or reduce tax liability. The Tribunal's interpretation was deemed erroneous, and it was directed to assess whether the change in shareholding aimed to avoid or reduce tax liability before deciding on the set-off claim. The revenue was instructed to cover the assessee's costs. en-us Wed, 10 Aug 1977 00:00:00 +0530 Sat, 03 Apr 2010 18:35:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38220 The court held that clauses (a) and (b) of Section 79 of the Income-tax Act are interconnected, with clause (b) applying when the benefit of clause (a) is not available. The court emphasized that clause (b) would apply even if there is a change in more than 51% of the voting power, provided it was not intended to avoid or reduce tax liability. The Tribunal's interpretation was deemed erroneous, and it was directed to assess whether the change in shareholding aimed to avoid or reduce tax liability before deciding on the set-off claim. The revenue was instructed to cover the assessee's costs. Case-Laws Income Tax Wed, 10 Aug 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38220