https://www.taxtmi.com/caselaws?id=55378 The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the ld. AAC's decision regarding the application of Section 79 on set off of losses due to a change in shareholding. The Tribunal ruled in favor of the assessee, stating that Section 79 was not attracted as there was no evidence of a tax avoidance motive behind the share transfer. Consequently, the set off of losses was allowed, and the issue of setting off unabsorbed development rebate and depreciation did not arise. The decision highlights the importance of establishing motives in share transfers to determine tax implications and upholding legal precedents in tax law interpretation. en-us Sat, 15 Mar 1980 00:00:00 +0530 Fri, 26 Nov 2010 17:03:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55378 The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the ld. AAC's decision regarding the application of Section 79 on set off of losses due to a change in shareholding. The Tribunal ruled in favor of the assessee, stating that Section 79 was not attracted as there was no evidence of a tax avoidance motive behind the share transfer. Consequently, the set off of losses was allowed, and the issue of setting off unabsorbed development rebate and depreciation did not arise. The decision highlights the importance of establishing motives in share transfers to determine tax implications and upholding legal precedents in tax law interpretation. Case-Laws Income Tax Sat, 15 Mar 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55378