Income Tax Ordinance, 2001

CHAPTER-V

PROVISIONS GOVERNING PERSONS PART V COMMON PROVISIONS APPLICABLE TO ASSOCIATIONS OF PERSONS AND COMPANIES

Income Tax Ordinance, 2001 CHAPTER-V PROVISIONS GOVERNING PERSONS PART V COMMON PROVISIONS APPLICABLE TO ASSOCIATIONS OF PERSONS AND COMPANIES From: 2024-12-29 - To: 0000-00-00 98. Change in control of an entity.- (1) Where there is a change of fifty per cent or more in the underlying ownership of an entity, any loss incurred for a tax year before the change shall not be allowed as a deduction in a tax year after the change, unless the entity - (a) continues to conduct the same business after the change as it conducted before the change until the loss has been fully set off; and (b) does not, until the loss has been fully set off, engage in any new business or investment after the change where the principal purpose of the entity or the…