Sec 47(xiv)

sonia (Article) (28 Points)

19 September 2008  

I want to know when a sole proprietary concern sells its business to a existing public Ltd Company, Is it possible for a sole proprietorto avail the benefit of sec 47(xiv) of income tax act (transaction not regarded as transfer) or this benefit is availed only when a sole proprietary concern is converted into a public ltd. company. I am very confused as reverse opinion is given in vinod singhania book and bare income tax act.

Please provide me clarification as early as possible