No set-off of B/F losses if shareholding changed by more than 51% though Pvt. Co. was acquired by Public Co.

IT : Where assessee was a closely held company at time when change in its shareholding pattern took place, in view of fact that said change in shareholding exceeded 49 per cent, provisions of sec. 79 would apply and, thus, assessee was not eligible to set off of brought forward losses pertaining to earlier years

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