https://www.taxtmi.com/acts?id=11719 On business reorganisation or conversion into a limited liability partnership, unabsorbed current losses of the predecessor are deemed unabsorbed preceding-year losses of the successor and are governed by the aggregation provisions for ordinary and specified special sources. Those deeming rules do not apply if the successor fails the continuity of business test, if conversion conditions are unmet, or where shareholding of a sole proprietor or participant falls below fifty per cent within five years; failure to satisfy these conditions within five financial years triggers rectification of total income as if the deeming provisions had not applied. en-us Thu, 16 Sep 2010 18:55:01 +0530 Fri, 17 Sep 2010 13:31:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=11719 On business reorganisation or conversion into a limited liability partnership, unabsorbed current losses of the predecessor are deemed unabsorbed preceding-year losses of the successor and are governed by the aggregation provisions for ordinary and specified special sources. Those deeming rules do not apply if the successor fails the continuity of business test, if conversion conditions are unmet, or where shareholding of a sole proprietor or participant falls below fifty per cent within five years; failure to satisfy these conditions within five financial years triggers rectification of total income as if the deeming provisions had not applied. Act-Rules Bills Thu, 16 Sep 2010 18:55:01 +0530 https://www.taxtmi.com/acts?id=11719