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of <h1>Finance Bill 2010 amends section 72A, enabling loss transfer to LLPs on reorganization, effective April 2011.</h1> Clause 22 of the Finance Bill, 2010, amends section 72A of the Income-tax Act, effective April 1, 2011. It introduces sub-section (6A), allowing accumulated loss and unabsorbed depreciation of a predecessor private or unlisted public company to be transferred to a successor limited liability partnership (LLP) during business reorganization, provided conditions in section 47(xiiib) are met. Non-compliance results in these amounts being taxable as income for the LLP. Sub-section (7) redefines 'accumulated loss' and 'unabsorbed depreciation' to include losses and depreciation before conversion or reorganization, excluding speculative losses, applicable from the assessment year 2011-2012 onwards.
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