Section 79-change in shareholding,set off of old losses

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CA Kunjan - www.canaresh.com (Querist)
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01 July 2013 company incurs loss in fin.11-12 of rs.10 lacs.

as on 31.3.2012, 50% each by mr. and mrs. x.

if on 25.3.2013, and mr.x transfers to mrs. x 30% of his shares, thus shareholding becomes mr.x 30%, mrs. x holds 70%.

Can section 79 is satisfied to set off old loss of rs.10 lacs

my view--> yes, as in totality, 51% of old shareholding still continues as on 31.3.2013.

regards, ca kunjan, www.canaresh.com , 9820750784

CA Kunjan - www.canaresh.com

CA Kunjan - www.canaresh.com (Querist)
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01 July 2013 sorry, small typo mistake..

mr.x transfers 30% to mrs. x and thus shareholding becomes mr.x 20%, mrs.x holds 80%.