Amendment of section 47

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....deemed to have been substituted with effect from the 1st day of April, 1998. (b) after clause (xii), the following clauses shall be inserted with effect from the 1st day of April, 1999, namely,- "(xiii) where a firm is succeeded by a company in the business carried on by it as a result of which the firm sells or otherwise transfers any capital asset or intangible asset to the com....

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....tinues to be as such for a period of five years from the date of the succession; (xiv) where a sole proprietary concern is succeeded by a company in the business carried on by it as a result of which the sole proprietary concern sells or otherwise transfers any capital asset or intangible asset to the company: Provided that- (a) all the assets and liabilities of the sole....