Amendment of section 47

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..... stituted with effect from the 1st day of April, 1998. (b) after clause (xii), the following clauses shall be inserted with effect from the 1st day of April, 1999, namely,- "(xiii) where a firm is succeeded by a company in the business carried on by it as a result of which the firm sells or otherwise transfers any capital asset or intangible asset to the company: Provided that- (a) all the .....

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..... cession; (xiv) where a sole proprietary concern is succeeded by a company in the business carried on by it as a result of which the sole proprietary concern sells or otherwise transfers any capital asset or intangible asset to the company: Provided that- (a) all the assets and liabilities of the sole proprietary concern relating to the business immediately before the succession become the as .....

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