Section 79(b) of Income Tax Act, 1961 deals with:

CS Executive · Tax Laws and Practice · PYQS · December 2021
Section 79(b) of Income Tax Act, 1961 deals with:
(A) Carry forward and set off losses in case of change in constitution of firm
(B) Carry forward and set off losses in case of companies in which the public are not substantially interested
(C) Carry forward and set off losses in case of eligible start up
(D) Carry forward and set off losses in case of succession of business or profession

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B), (C). Official source note: Option B as well as Option C both may be considered as correct as section 79 covered both the points.

Topics: Income Tax Act, 1961

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