what are matter generally voilated by partners after conveting their partnership business to a pvt company...
plz provide your views in to this matters...... help urgently required....
3 Replies
CA. ANKUR JAIN
(CA.....)
(2800 Points)
Replied 04 January 2012
Their holding must not be less than 50% till 5 years..... if you claimed exemption u/s 47
Keval Ponkiya
(CA CS MBA(Fin.) M.Com. L.L.B.)
(223 Points)
Replied 04 January 2012
like,
Conversion of assets, cases and litigations, mainting mini. no of members or subscribers to MOA i.e. 7 and directors, not taking care in filling the documents within stipulated time as given or prescribed on coversion, forget to file stamp paper docs or/and notarised doc, and the last most important and that is to give INTEREST ON CAPITAL etc and it may be more than these !!!
further it may say that they always violate the co. laws rules and regulations as they are not so much aware and have the feeling of partnership.
CA MAULIK
(C.A)
(937 Points)
Replied 04 January 2012
In such cases one has to see relevent companies act provisions are followed or not??as well as Income tax act's section 47 should be considered..
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