Tag: carry forward losses

MUMBAI: A decision by the Mumbai bench of the Income Tax Appellate Tribunal (ITAT), which permitted Hiranandani Healthcare to carry forward losses despite a change in its shareholding structure, will help India Inc in business restructuring. ITAT held that the provisions of section 79 of the I-T Act do not apply if 51% of the voting power is beneficially held by the same group, both in the financial year when the loss was incurred and the year when the set-off is being claimed. In other words, a restructuring,...