Conversion of private co. to llp

As per Section 47(xiib) of IT Act , Point (e) :- (e) the total sales, turnover or gross receipts in business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees; and

There is no such requriement under the Companies Act.

So can we convert irrespective of sales /turover etc requirements under income tax act ???

In the conversion, if the above condituion of IT Act is complied with the transfer of assets or liabilities will not be considered as Transefer for capital gain purpose.