Substitution of section 79.

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....Notwithstanding anything contained in this Chapter, where a change in shareholding has taken place during the 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, t....

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....s has been incurred during the period of seven years beginning from the year in which such company is incorporated. (2) Nothing contained in sub-section (1) shall apply,-- (a) 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 t....

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....- (i) the Tribunal, on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013.), has suspended the Board of Directors of such company and has appointed new directors 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 suc....