If on transfer of share he has earned profits and gained amount then same shall be taxable.

There must be at least 2 directors. One director cannot trasfer the company to third person and where all the directors of a company resign from their offices, the promoter or, in his absence, the Central Government shall appoint the required number of directors who shall hold office till the directors are appointed by the company in general meeting.

And trasfer possible that the ownership of shares is being transfer to third party but the land will owned by comapny.

Stamp duty will be .25 paisa for 100rs share transfer.

icompany has sold the entire business in one go with all its assets and liabilities to another company for a consideration.
in your return of income, treated such sale as a slump sale of the going concern and pay tax on such long term capital gains.

2)Section 50(2) of the Act applies to a case where any block of assets are transferred by the taxpayer. Where the entire running business with assets and liabilities is sold by the taxpayer in one go, such sale cannot be considered as a ‘short-term capital asset’.
 The provisions of Section 50(2) of the Act would apply to a case where the taxpayer transfers one or more block of assets, which he was using in running of his business. This is not the case here because in this case, the taxpayer sold the entire business as a running concern 

Long term capital gains would be payable by seller 

Please tell that whether the company has been sold or new director has been incubated in place of the previous director? 

Kindly elaborate the aforementioned point for a concrete advise 

Yes in any sale transaction the tax is applicable including capital gains in form of long-term and short-term.

In the event of a transfer of shares or partnership shares against payment, the capital gains tax will have to be paid by the transferor. ... the transferor is not taxedas there is no capital gains; the transferee will eventually be taxed if he decides totransfer his shares at a later stage.

Tax Aspects of Selling Your Business. When you sell your business you may face a significant tax bill. ... Profit received from the sale of the business assets will most likely be taxed at capital gains rates, whereas amount you receive under a consulting agreement will be ordinary income.

Tax Aspects of Selling Your Business. When you sell your business you may face a significant tax bill. ... Profit received from the sale of the business assets will most likely be taxed at capital gains rates, whereas amount you receive under a consulting agreement will be ordinary income.

The income from the sale of the assets is reported on the individual tax return of thesole proprietor or the partner. The allocation of the purchase price to each asset determines how the income will be taxed. ... The buyer would be required to pay interest on the note, which is reported as interest income to the seller.

Business assets and liabilities of a sole proprietorship are personally owned by thesole proprietor, not by a separate business entity. The sole proprietor cantransfer her business by selling its tangible and intangible assets; thereby,transferring the responsibility of running the business to a new owner.