Pre-Succession Partner Withdrawals and Asset Sales Do Not Violate Section 47(xiii), Preserving Section 80-IA Deduction Eligibility
Pre-Succession Partner Withdrawals and Asset Sales Do Not Violate Section 47(xiii), Preserving Section 80-IA Deduction Eligibility Issue Whether capital withdrawals by partners and sale of shares prior to a firm’s succession into a company violate proviso (a) and (c) to Section 47(xiii), rendering the succession a taxable transfer and disentitling the successor-company from claiming deduction… Read More »