Hi Experts,
Need your views on the following Case :
Facts : One of Our client is a Partnership Firm engaged into the business of Real Estate Development. They have started Construction and in the mid of the project. Now they wish to Convert Partnership Firm into Limited Liability Partnership with the same Partners becoming Designated Partners/Partner in the LLP.

Issue :
1. Will this Conversion be treated as Transfer of Business ?
2. What precautions need to be taken during and after Conversion with respect to the direct/indirect tax and accounting treatment ?

Thank you in Advance for your valuable views

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Resolved.,...,......

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