Substitution of section 79.

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.... last day of the previous year, the shares of the company carrying not less than fifty-one per cent. of the voting power were beneficially held by persons who beneficially held shares of the company carrying not less than fifty-one per cent. of the voting power on the last day of the year or years in which the loss was incurred: Provided that even if the said condition is not satisfied in case of an eligible start up as referred to in section 80-IAC, the loss incurred in any year prior to the previous year shall be allowed to be carried forward and set off against the income of the previous year if all the shareholders of such company who held shares carrying voting power on the last day of the year or years in which the loss was incurre....

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....ors nominated by the Central Government, under section 242 of the said Act; and (ii) a change in shareholding of such company, and its subsidiary and the subsidiary of such subsidiary, has taken place in a previous year pursuant to a resolution plan approved by the Tribunal under section 242 of the Companies Act, 2013(18 of 2013) after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner. Explanation.--For the purposes of this section,-- (i) a company shall be a subsidiary of another company, if such other company holds more than half in nominal value of the equity share capital of the company; (ii) "Tribunal" shall have the meaning assigned to it in cla....

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....rom the year in which such company is incorporated. Clause (a) of sub-section (2) to the said section provides that nothing contained in the section shall apply to a case where a change in the said voting power and shareholding takes place in a previous year consequent upon the death of a shareholder or on account of transfer of shares by way of gift to any relative of the shareholder making such gift. Clause (b) of sub-section (2) to the said section provides that nothing contained in the section shall apply to any change in the shareholding of an Indian company which is a subsidiary of a foreign company as a result of amalgamation or demerger of a foreign company subject to the condition that fifty-one per cent. shareholders of amal....