Sole Proprietorship to Company Conversion: Section 47(xiv) Ensures No Extra Tax from Asset Revaluation in Succession.

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....Conversion of sole proprietorship firm into company - succession - Applicability of section 47(xiv) - Receipt of higher value of shares because of re-valuation of the assets at the time of succession cannot be treated as consideration or benefit received other than by way of allotment of shares - AT....