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of <h1>Income-tax Act's Section 72A amendment enables loss carryover to LLPs post-reorganization if conditions are met.</h1> Section 72A of the Income-tax Act was amended effective April 1, 2011, to include a new sub-section (6A). This provision allows the accumulated loss and unabsorbed depreciation of a predecessor company to be carried over to a successor limited liability partnership (LLP) in the event of a business reorganization, provided certain conditions are met. If these conditions are not satisfied, the set-off of losses or depreciation becomes taxable income for the LLP. Additionally, definitions for 'accumulated loss' and 'unabsorbed depreciation' were revised to clarify their applicability in cases of business conversion, amalgamation, or demerger.
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