TaxTMI 
TaxTMI 
2009 (7) TMI 149
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....c Oxide (P) Ltd., ("Anandeya" in short) carrying on business in Goa. For this purpose, the applicant-company entered into a share purchase agreement on July 1, 2008, with the shareholders as well as the Indian company. The Indian company was earlier a partnership firm bearing the name Anandeya Oxides and it was registered as company under Part IX of the Companies Act, 1956, in September, 2005. On March 31,1998, the assets of the partnership firm were revalued and the excess of the revalued assets was credited to the respective partners' accounts. The partners of the erstwhile firm continued as the shareholders of the said company. The applicant points out that if the registration under Part (ix) of the Companies Act is held to be a transfer....
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.... ruling" under clause (i) of section 245N (a) of the Act which reads as under: "(a) 'advance ruling' means (i) a determination by the Authority in relation to a transaction which has been undertaken or is proposed to be undertaken by a non-resident applicant;" Clause (ii) may also be noticed "(ii) a determination by the Authority in relation to the tax liability of a non-resident arising out of a transaction which has been undertaken or is proposed to be undertaken by a resident applicant with a such non-resident." 4. The amended question, as recast by us that has been raised in the application is as follows: On the facts and in the circumstances of the case, whether the conversion of partnership firm as a private limited company unde....