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of <h1>Finance Bill 2010 Amends Income-tax Act Section 47A: Unmet Conditions Trigger Tax on LLP Asset Transfers</h1> Clause 19 of the Finance Bill, 2010 amends section 47A of the Income-tax Act to include a new sub-section (4), effective from April 1, 2011. This amendment specifies that if the conditions in the proviso to clause (xiiib) of section 47 are not met, the profits or gains from the transfer of capital or intangible assets by a predecessor private or unlisted public company to a successor limited liability partnership will be considered taxable income for the successor LLP in the year the conditions are unmet. This applies from the assessment year 2011-2012 onwards.
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