Transfer of shares by initial subscribers to a MOA does not amount to a change in shareholding as per section 79 of the Income-tax Act, 1961 and therefore, benefit of brought forward loss is available

ITO Vs. M/s. S-Net Freight (India) Pvt. Ltd. (ITAT Chennai) – The Tribunal order has recognised that beneficial ownership and legal ownership could be different and for the purpose of section 79 of the Act, the beneficial ownership was relevant. Accordingly, share transfers by nominees or

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