Company A is going to be closed voluntarily by the members. The company is right now an inactive company. There is no business since its inception except the puchase of an industrial land. Every year annual accounts are being duly filed with the ROC. Now, upon winding up, this land is being transferred to the two shareholders (who are also the directors). Once winding up is done, the shareholders are going to transfer the land in the name of an existing partnership firm where they both are existing partners. The Questions are: a) Since there has not been any business till now, what is the easiest procedure to close the company. b) In case it should go for voluntary winding up, what are the tax consequences in the hands of the company and the shareholders. c) On transferring the asset in the name of partnership firm, what are the tax consequences in the hands of the partners(ie., shareholders of that company) Kindly clarify the above queries.