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2009 (8) TMI 714 - HC - Income TaxTransfer - All the shares of this company belonged to the Kapoor family - The management of the company also vested with members of the Kapoor family - Sale of 100% share-holding of the Respondent Company to the New Management constitutes a 'transfer' as envisaged by Section 2(47) of the Income Tax Act, 1961 - amount to succession of business - Held that: - Change in the shareholders of the company does not change the legal identity of the company - A limited liability company is thus different from a partnership-firm because while a company is distinct from its shareholders and directors, a partnershipfirm is not different from its partners and it is not a distinct legal entity. Since the asssessee is a limited liability company change in the ownership of its shares will have no effect on the legal identity of the company - Appeal is dismissed
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