https://www.taxtmi.com/caselaws?id=168748 Section 25(4) of the Indian Income-tax Act, 1922 limits relief on succession to a business to the broken period between the end of the completed previous year and the date of succession. The court construed "previous year" as the completed accounting year immediately preceding succession and held that exemption cannot extend to the whole accounting period merely because succession occurred soon after its close. As no income arose in the short interval between the end of the previous year and succession, the assessee was not entitled to exemption for the period 19 October 1942 to 7 October 1943. en-us Wed, 29 Mar 1961 00:00:00 +0530 Wed, 25 Mar 2015 12:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168748 Section 25(4) of the Indian Income-tax Act, 1922 limits relief on succession to a business to the broken period between the end of the completed previous year and the date of succession. The court construed "previous year" as the completed accounting year immediately preceding succession and held that exemption cannot extend to the whole accounting period merely because succession occurred soon after its close. As no income arose in the short interval between the end of the previous year and succession, the assessee was not entitled to exemption for the period 19 October 1942 to 7 October 1943. Case-Laws Income Tax Wed, 29 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168748