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TMI BlogSection 79 - carry forward of loss - change in shareholding patternX X X X Extracts X X X X X X X X Extracts X X X X ..... Section 79 of Income Tax Act : 60% shares of a Pvt. Ltd. Indian company "Orange India" was held by another pvt. co. named B and balance was held by individuals. The shareholding patern of Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B was totally changed and its 100% shares was acquired by and transferred to Company C.The shareholding pattern of Orange India has , however, remained the same. Will the losses of Orange India will ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be allowed to be carried forward u/s 79 ?? - Reply By Rama Krishana - The Reply = IT appears that "orange India" is a subsidiary of "B". Orange India is not the subsidiary of the shareholders of B. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Therefore, the shareholding of the B into orange India is the deciding factor not the shareholding of the other persons in B. Therefore any change in the patter of holding company would not attract t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he provisions of 79 restricting the carry forward and set off of losses - Section 79 - carry forward of loss - change in shareholding pattern - Query Started By: - Sanjeev Sharma Dated:- 11-4-2010 I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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