• Revaluation of capital asset in LLP and later withdrawal of substantial amount by partners

FACTS
1. XYZ P. Ltd. (XYZ) owned a land as capital Asset in 2004. XYZ only two directors, MR. A and Mrs. A
 It has only 2 shareholders, same as directors.
2. In 2005-06 XYZ introduced its land as capital into a firm namely SSS in which there were two partners namely XYZ and MRs. A. the land was considered as stock in trade of the Firm
3. In 2012-13 SSS was converted into LLP namely SSS Llp. XYZ (represented by Mr. A) and Mrs. A continued as Designated partners. (no other director was inducted). LAnd continued as stock of LLP.
4. The land was converted into a marriage garden and considered as fixed Asset w.e.f. 1/4/2016 and shown as such in the audited accounts.
5. In 20019-20 the land was revaluated by raising the value from 10 cr to 100 cr by crediting 45 cr. to each of the partners capital account.
6. one month later 2 new partners PPP and QQQ were introduced and as per terms they brought in 50 cr. each as capital introduction. as per the terms of introduction ppp and qqq became teh designated partners of 45% share each and XYZ P. Ltd. and MRs. A remained ordinary partners of 5% each. 
7. XYZ P. ltd. and Mrs. A withdrew a sum of RS. 45 cr. each their capital in the LLP remained RS. 5 cr each.
QUESTION
1. Is any tax liability of any type in teh hands of any person or LLP ?
2. Is anything wrong or against law in the entire series of events ?