TaxTMI 
TaxTMI 
Substitution of new section for section 79.- Carry forward and set off of losses in case of certain companies.
X X X X Extracts X X X X
X X X X Extracts X X X X
....rd and set off of losses in case of certain companies. "79. Notwithstanding anything contained in this Chapter, where a change in shareholding has taken place in a previous year,- (a) in the case of a company not being a company in which the public are substantially interested and other than a company referred to in clause (b), no loss incurred in any year prior to the previous y....
X X X X Extracts X X X X
X X X X Extracts X X X X
....voting power on the last day of the year or years in which the loss was incurred,- (i) continue to hold those shares on the last day of such previous year; and (ii) such loss has been incurred during the period of seven years beginning from the year in which such company is incorporated: Provided that nothing contained in this section shall apply to a case where a change....
X X X X Extracts X X X X
X X X X Extracts X X X X
....certain companies. It is proposed to provide that where a change in shareholding has taken place in a previous year in the case of a company, not being a company in which the public are substantially interested, no loss incurred in any year prior to the previous year shall be carried forward and set off against the income of the previous year unless on the last day of the previous year the shar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ar or years in which the loss was incurred, being the loss incurred during the period of seven years beginning from the year in which such company is incorporated, continue to hold those shares on the last day of such previous year. It is also proposed to provide that the provisions of this section shall not apply to a case where a change in the voting power and shareholding, as aforesaid, take....