Change in Individual Shareholding of Shareholders doesn’t attract Section 79 of Income Tax Act: ITAT Allows Set off of Brought Forward Lossess [Read Order]

By Ipsita Das - On September 22, 2023 9:30 pm - 3 mins read

Change - Individual - Shareholding - Shareholders - attract - Income Tax Act - ITAT - Allows Set off - Brought - Forward - Lossess - taxscan

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) allowed set off of brought forward losses by holding that change in individual shareholding of the shareholders would also not attract the provisions of Section 79 of the Income Tax Act, 1961. The assessee Hiranandani Healthcare Pvt. Ltd. declared its total income at Rs.“NIL”, by filing…

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