Transactions apart from sale and purchase
This query is : Resolved
07 June 2023
Hello All,
Our company which is a proprietorship, to close the business is selling its stock to the newly formed pvt. ltd co. ( the proprietor is the director of the new co ) also money is being transferred to the newly co. to meet its expenses. How it should be shown in the books of the new co.
Is it valid in the law of income tax to do so ...., if not then what are the consequences.
please can anyone help me
Our company which is a proprietorship, to close the business is selling its stock to the newly formed pvt. ltd co. ( the proprietor is the director of the new co ) also money is being transferred to the newly co. to meet its expenses. How it should be shown in the books of the new co.
Is it valid in the law of income tax to do so ...., if not then what are the consequences.
please can anyone help me
18 June 2023
Consider it under unsecured loan.
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