No Change in Shareholding: ITAT Delhi Allows Carry Forward of Losses

DCIT Vs Bansal Steels Power Ltd. (ITAT Delhi) No Change in Shareholding – ITAT Delhi Allows Carry Forward of Losses to Bansal Steels Power Ltd ITAT Delhi dismissed the Revenue’s appeal & partly allowed Assessee’s cross-objection, upholding CIT(A)’s decision allowing carry forward of business losses to subsequent years. AO had denied the benefit u/s 79, alleging that a change in shareholding pursuant to an NCLT order under the IBC Code triggered restrictions on loss carry forward without approval from PCIT.  CIT(A), however, found that no change in shareholding had occurred during ...