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Income Tax - Highlights / Catch Notes

Home Highlights January 2012 Year 2012 This

Transfer of sole proprietorship business to company - exemption ...


Sole Proprietorship to Company Transfer: Tax Exemption Available u/s 47(xiv) for Proper Consideration Payment.

January 19, 2012

Case Laws     Income Tax     AT

Transfer of sole proprietorship business to company - exemption u/s 47(xiv) - if the full amount due under the capital account and also the current account of the proprietor have to be clubbed and treated as the consideration payable to the sole proprietary concern on the transfer, then there could be no case of violation of sub-clause (c) of section 47(xiv) of the Act.... - AT

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