Successor company taxability: profits exempted under transfer provisos become taxable when transfer conditions are breached. Where conditions in the provisos to the transfer-related clauses are not complied with, amounts of profits or gains that were not charged under the ... Summary
Successor company taxability: profits exempted under transfer provisos become taxable when transfer conditions are breached.
Where conditions in the provisos to the transfer-related clauses are not complied with, amounts of profits or gains that were not charged under the non-recognition provisos shall be deemed the profits and gains chargeable to tax of the successor company for the previous year in which the proviso requirements are not complied with.
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