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Capital Gains in Firm Succession: No Need for Conversion if Company Acquires All Assets and Liabilities (Section 47(xiii.

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....Capital gain arising on account of the succession of the firms - scheme of succession u/s 47(xiii) - there is no requirement that the firms should be converted into the company - It is sufficient if the existing company acquires all the assets and liabilities of the partnership firms in the manner as provided u/s 47(xiii) - AT....

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