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 Please become a Premium member. If you are already a Premium member, login here to access the full content.