9911796707
TMI BlogCarry forward and set off of losses in case of certain companiesX X X X Extracts X X X X X X X X Extracts X X X X ..... eneficially 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 incurred, continue to hold those shares on the last day of such previous year and such loss has been incurred during the period of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iary 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. 8 [ (e) to a company to the extent that a change in the shareholding has taken place during the previous year on account of relocation referred to in the Explanation to clauses (viiac) and (viiad) of section 47. ] 9 [ (f) to an erstwhile public sector company subject to the condition that the ultimate holding company of such company, immediately after the completion of strategic disinvestment, continues to hold, directly or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Omitted by the Finance Act, 1988, w.e.f. 1-4-1989. Prior to omission clause (b) was amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 5. Substituted vide THE FINANCE ACT, 2017 w.e.f. 1st day of April, 2018 before it was read as, Carry forward and set off of losses in the case of certain companies. 79. Notwithstanding anything contained in this Chapter, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 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 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; (b) in the case of a company, not being a company in which the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... solution plan approved under the Insolvency and Bankruptcy Code, 2016 (31 of 2016), after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner.] 8. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 9. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 10. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 11. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 12. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, seven - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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