TMI BlogAmendment of section 47X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany or unlisted public company (hereafter in this clause referred to as the company) to a limited liability partnership as a result of conversion of the company into a limited liability partnership in accordance with the provisions of section 56 or section 57 of the Limited Liability Partnership Act, 2008[6 of 2009.]: Provided that— (a) all the assets and liabilities of the company immediate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. at any time during the period of five years from the date of conversion; (e) the total sales, turnover or gross receipts in business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees; and (f) no amount is paid, either directly or indirectly, to any partner out of balance of accumulated profit s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set or intangible asset by a company shall not be treated as transfer under section 45 where a private company or unlisted public company (hereinafter referred to as the company) is converted into a limited liability partnership in accordance with the provisions of section 56 or 57 of the Limited Liability Partnership Act, 2008. It is also proposed to insert a proviso to the said clause which p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... company in the limited liability partnership shall not be less than fifty per cent. at any time during the period of five years from the date of conversion; (e) the total sales, turnover or gross receipts in business of the company in any of the three previous years preceding the previous year in which the conversion takes place does not exceed sixty lakh rupees; and (f) no amount is paid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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