ITAT upholds section 79(2)(c) loss carry forward; Revenue appeal fails; PF and ESI disallowance sustained.

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....Revenue's appeal challenging allowance of carry forward of business losses under section 79(2)(c) was dismissed by ITAT. The Tribunal upheld CIT(A)'s finding that change in shareholding pursuant to NCLT-approved resolution under IBC did not bar loss carry forward in absence of any contrary legal embargo, and AO was rightly directed to allow carry forward of losses. ITAT also noted that the tax effect was NIL and the appeal was independently not maintainable in view of CBDT Circular No. 9/2024. On the assessee's challenge to disallowance of employees' PF and ESI contributions, ITAT affirmed CIT(A)'s order sustaining the disallowance, following binding SC law.....