Tax credit exclusion: successor LLPs from converted private or unlisted public companies no longer eligible for MAT credit.

The amendment inserts a provision that section 115JAA shall not apply to a limited liability partnership that is the successor entity upon conversion of a private company or an unlisted public company under the Limited Liability Partnership Act, 2008, thereby denying such successor LLPs the tax credit otherwise available under section 115JAA in respect of tax paid under sub section (1) of section 115JB.

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