Transfer of business as a going concern.

This query is : Open

Sabita Sahoo (Querist)
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29 July 2019 There is change of constitution of business from partnership firm to proprietorship concern.There is no balance available in cash ledger or credit ledger of partnership firm at the time of transfer.What is the procedure to follow in transfer of business? Is the certificate of CA is required ,ITC 02 to be filed or only dissolution of partnership firm is sufficient?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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30 July 2019 ITC -02 is required to be filed in case of succession of business if there is a credit to be transferred to transferred business.

Sabita Sahoo

Sabita Sahoo (Querist)
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30 July 2019 No credit is available to transfer.Then ITC02 is required to file or not? if not what other document required supporting transfer of business?