sec 47

Diana (Querist) 28 July 2009 This query is : Resolved
A private ltd company wants to take over a partnership firm under section 47(xiii) of income tax act. The private company is also the partner of the partnership firm. What is the procedure please recommend and also state whether for such transfer does the company have to change any provision in the memorandum of association and articles of association.

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Raj Kumar Makkad (Expert) 08 October 2009
Partnership firm and company both have to pass a resolution in this regard as per their bye-laws and no specific change is required in MOA n Articles of company for doing so.

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