[aaykarbhavan] Conversion of Co. into LLP subject to tax if loans extended to partners out of reserves of the erstwhile Co.

 

Conversion of Co. into LLP subject to tax if loans extended to partners out of reserves of the erstwhile Co.

August 21, 2014[2014] 47 taxmann.com 335 (Kolkata - Trib.)

IT: Where a company was converted into assessee, i.e. a limited liability partnership, in view of fact that subsequent to conversion loan was given to partners who were directors in erstwhile company in their profit sharing ratio out of reserves and surplus of erstwhile company, there was violation of proviso (f) of section 47(xiib) and, therefore, benefit of provisions of section 47(xiiib) was not available to assessee-firm

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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