Amendment of section 79 :
Section – 24. In section 79 of the Income-tax Act [as substituted by section 32 of the Finance Act, 2017 (7 of 2017)], after the second proviso, the following proviso shall be inserted, namely:—
“Provided also that nothing contained in this section shall apply to a company where a change in the shareholding takes place in a previous year pursuant to a resolution plan approved under the Insolvency and Bankruptcy Code, 2016 (31 of 2016), after affording a reasonable opportunity of being heard to the jurisdictional Principal Commissioner or Commissioner.”.