40Having regard to this purpose, the concept of ‘a transfer, whether for consideration or not or as a contribution to a company, of a totality of assets or part thereof’ must be interpreted as meaning that it covers the transfer of a business or an independent part of an undertaking including tangible elements and, as the case may be, intangible elements which, together, constitute an undertaking or a part of an undertaking capable of carrying on an independent economic activity, but that it does not cover the simple transfer of assets, such as the sale of a stock of products.
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