M/s X & Company being a Partnership firm has been converted into proprietorship firm on 30.04.2015. Proper dissolution deed has been prepared & signed by all partners. One partner has formed a proprietorship firm on same day of same name & all assets & liabilities have been taken over by the proprietorship firm. From the date of formation to 31- March-2016, turnover of proprietorship firm is Rs 1.4 Crore. Please suggest: 1. What is the provision of Income tax Act applicable to proprietorship firm 2. FA/Drs / Crs / Loan / Stock has been taken by prop firm at book value, is same will be cost of purchase / acquisition in hands of prop firm. 3. Anything is to be mentioned in 3CB-3CD
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