https://www.taxtmi.com/caselaws?id=58074 The Tribunal dismissed the appeal and upheld the Commissioner (Appeals)'s decision, allowing the set-off of previous losses as the change in shareholding was found not to have been effected with the intention of avoiding or reducing tax liability. The Tribunal clarified that both clauses (a) and (b) of Section 79 of the Income-tax Act, 1961 must be considered together, emphasizing that a change in shareholding exceeding 51% does not automatically disqualify the set-off of losses unless it is proven to have been done for tax avoidance purposes. en-us Fri, 30 Apr 1982 00:00:00 +0530 Fri, 17 Dec 2010 12:03:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58074 The Tribunal dismissed the appeal and upheld the Commissioner (Appeals)'s decision, allowing the set-off of previous losses as the change in shareholding was found not to have been effected with the intention of avoiding or reducing tax liability. The Tribunal clarified that both clauses (a) and (b) of Section 79 of the Income-tax Act, 1961 must be considered together, emphasizing that a change in shareholding exceeding 51% does not automatically disqualify the set-off of losses unless it is proven to have been done for tax avoidance purposes. Case-Laws Income Tax Fri, 30 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58074