Section 79 Triggers on Change in Beneficial Ownership of Shares: ITAT

Hiranandani Healthcare Pvt Ltd Vs CIT (ITAT Mumbai)

Introduction: In a recent landmark decision, the Income Tax Appellate Tribunal (ITAT) Mumbai ruled in favor of Hiranandani Healthcare Pvt Ltd (the Assessee) in a case against the Commissioner of Income Tax (CIT). The case centered around the issue of set-off of brought forward losses and the applicability of Section 79 of the Income Tax Act 1961.

Detailed Analysis: The Assessee had initially declared its

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