Sec 58a

Rahul Aggarwal (Audit Team Member) (24 Points)

28 November 2012  

Dear friends, Plz give some conclusion for the following :

Sec 58A applies to a company, and not on borrowings of others(borrowings of firm & Individuals ) 

 

Now if the firm or individual sale its business (all assets & Liabilites ) through slump sale to a company. then whether sec 58A will apply on these borrowings transferred to company.

 

Please help.