Assessee had failed to satisfy conditions laid down in proviso to clause (xiiib) of S 47 carry forward and set off of accumulated losses of erstwhile company by assessee LLP is not entitled ( ITA No. 3637/Mum/2015 & C.O No.2/Mum/2016, dt. 16.11.2018) . ( AY.2010 -11)
ACIT v. Celerity Power LLP (2019) 174 ITD 433 /197 TTJ 45 / 174 DTR 68 (Mum) (Trib.) ,www.itatonline.org
S. 72A : Carry forward and set off of accumulated loss – Conversion of Private Limited Company to LLP – Failure to satisfy conditions laid down in proviso – Carry forward of losses of erstwhile company by LLP is not entitled .[ S.47 xiiib), 72A (6A), Limited Liability Partnership Act , 2008 , S. 56,58 (4)]