Income on receipt of capital asset or stock in trade by specified person from specified entity

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..... ty in connection with the dissolution or reconstitution of such specified entity, then the specified entity shall be deemed to have transferred such capital asset or stock in trade or both, as the case may be, to the specified person in the year in which such capital asset or stock in trade or both are received by the specified person. (2) Any profits and gains arising from such deemed transfer o .....

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..... r both by the specified entity. (4) If any difficulty arises in giving effect to the provisions of this section and sub-section (4) of section 45, the Board may, with the approval of the Central Government, issue guidelines for the purposes of removing the difficulty. (5) Every guideline issued by the Board under sub-section (4) shall, as soon as may be after it is issued, be laid before each Ho .....

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..... of some of them; (ii) "specified entity" means a firm or other association of persons or body of individuals (not being a company or a co-operative society); (iii) "specified person" means a person, who is a partner of a firm or member of other association of persons or body of individuals (not being a company or a co-operative society) in any previous year.] ************ NOTES:- 1. Inserte .....

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