name of the
assessee LLP for the year under consideration i.e. A.Y. 2009-10.
Further, from the LLP Act, 2008 ; it is clear ... date of registration, the
assessee LLP cannot be assessed for the erstwhile
company as per the LLP Act, 2008 .
30. Now, we proceed to examine
Act .
2008, is a transfer under the Income-tax Act, 1961 ('the Act') so as to
attract section 45(1) of the Act ... into LLP, there is a transfer
of assets from the company to the LLP. The term LLP was
incorporated in the Income Tax Act , effective
LLP under Clause 4, all the
tangible, intangible property including assets, interests etc. stands vested in
the LLP without any further assurance, act or deed ... Act.
10. We find that Sec. 47(xiiib) of the Act, as had be made available on the
statute by the Finance Act
Limited Liability Partnership Act, 2008 [herein after referred as LLP
Act ] and corresponding Third Schedule which prescribes the
conversion from Private Company into LLP firm ... Limited Liability
Partnership Firm Act, 2008 (hereinafter referred as LLP Act )
wherein Chapter X deals with conversion into Limited Liability
Partnership. Section 56 deals with
Limited Liability Partnership Act, 2008 [herein after referred as LLP
Act ] and corresponding Third Schedule which prescribes the
conversion from Private Company into LLP firm ... Limited Liability
Partnership Firm Act, 2008 (hereinafter referred as LLP Act )
wherein Chapter X deals with conversion into Limited Liability
Partnership. Section 56 deals with
Limited Liability Partnership Act, 2008 [herein after referred as LLP
Act ] and corresponding Third Schedule which prescribes the
conversion from Private Company into LLP firm ... Limited Liability
Partnership Firm Act, 2008 (hereinafter referred as LLP Act )
wherein Chapter X deals with conversion into Limited Liability
Partnership. Section 56 deals with
name, ownership of the assets of
LLP and obligation towards LLP liabilities, etc, under the UK LLP Act, also support the argument that ... LLP is a body corporate.
Thus, in accordance with the UK LLP laws, the Appellant, being a LLP incorporated under the UK LLP
Act, having
After completion of
[in short, "the LLP Rules"]
necessary procedure under the LLP Act , the company got converted
into LLP and was issued ... liable to tax on conversion of company into LLP
as per LLP Act 2008. The AO is therefore, directed to delete the
addition
created an anomalous situation, wherein even large LLP gets
exempted from the ambit of audit under LLP Act . Say for example the
LLP having turnover ... same shall be audited in accordance with LLP Rules, 2009.
Section 34(4) of The LLP Act, 2008 is also become relevant as it
stipulates
Act,
2013 (in brief Act 2013). NCLT further found that as per Section 394(4)(b) of
companies Act, 1956 (in brief Act 1956) LLP ... applying the principal of casus
omissus a Indian LLP incorporated under the LLP Act 2008 can be allowed to
merge into a Indian Company incorporated
