Withdrawal of exemption: successor LLP held taxable on transferred-asset gains when proviso conditions are not complied with. If any condition in the proviso to the transfer provision is not complied with, the profits or gains arising from transfer of capital or intangible assets by a predecessor company to a successor limited liability partnership shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership for the previous year in which the proviso's requirements are not complied with.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Withdrawal of exemption: successor LLP held taxable on transferred-asset gains when proviso conditions are not complied with.
If any condition in the proviso to the transfer provision is not complied with, the profits or gains arising from transfer of capital or intangible assets by a predecessor company to a successor limited liability partnership shall be deemed to be the profits and gains chargeable to tax of the successor limited liability partnership for the previous year in which the proviso's requirements are not complied with.
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