DIVISION OF COMPANY
This query is : Resolved
24 March 2010
MY UNCLE IS RUNNING AN SSI MANUFACTURING FIRM, HAVING A TURNOVER OF @ 2.5 CR. THIS IS A PVT LTD CO. HE AND HIS WIFE ARE THE DIRECTORS.
THEY WANT TO START ANOTHER COMPANY I HIS HUF'S NAME. THIS COMPANY WILL MANUFACTURE CERTAIN ASSEMBLIES WHICH WILL BE SOLD TO PVT LTD COMPANY AND ALSO SOME OTHER ITEMS WHICH ARE NOT RELATED TO THE PVT LTD COMPANY. CAN THEY DO IT THIS WAY ?
THEY WANT TO START ANOTHER COMPANY I HIS HUF'S NAME. THIS COMPANY WILL MANUFACTURE CERTAIN ASSEMBLIES WHICH WILL BE SOLD TO PVT LTD COMPANY AND ALSO SOME OTHER ITEMS WHICH ARE NOT RELATED TO THE PVT LTD COMPANY. CAN THEY DO IT THIS WAY ?
25 March 2010
Beware of the clubbing provisions....there are so many case laws in this area and you may examine them before deciding....
siva208@yahoo.com
siva208@yahoo.com
25 March 2010
For the said option, proper analysis of subjected firm's, its stakes, controlling etc. required.
Advisable to have the expert's opinion in written before any action is taken from Income Tax and Excise point of view specially.
Regards
K.L.Paliwal
Advisable to have the expert's opinion in written before any action is taken from Income Tax and Excise point of view specially.
Regards
K.L.Paliwal
28 March 2010
agreed with Mr. Kishanlal Paliwal. u must take proper advise before taking any decision in this regard
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