COMMISSIONER OF INCOME-TAX, BOMBAY v. ITALINDIA COTTON CO. (P) LTD

Citation: [1988] SUPP. 2 S.C.R. 814

Court: Supreme Court of India

Bench: R.S. PATHAK, SABYASACHI MUKHERJI

Case summary

He held that before the right to set off a loss could be denied to an assessee, not only should there be a change in the persons holding a voting power of not less than 51% but further the change should have been effected with a view to avoiding or reducing the liability to tax.

Judgment text

He held that before the right to set off a loss could be denied to an assessee, not only should there be a change in the persons holding a voting power of not less than 51% but further the change should have been effected with a view to avoiding or reducing the liability to tax.