Section 79 of income tax act
Querist : Anonymous
I have a problem in dealing with sec79 of income tax act.
There is a limited company.During the A.Y.04-05 the company has incurred a business loss and that year a person Mr. Hari has aquired more than 51% shares of that company but share application money were not transfered to paid up share capital because of death of legal advisor.
In the A.Y. 05-06 some shares are also aquired by Mr. Hari and total share application money were transfered to paid up share capital in that year.
Is sec 79 attracted in the aforesaid case.
Plz reply soon.
Querist : Anonymous
Querist : Anonymous
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