https://www.taxtmi.com/caselaws?id=172265 For section 25(4) of the Income-tax Act, succession exists where a business continues with substantial identity after dissolution of a partnership at will, even if one partner withdraws and the continuing partners retain only part of the earlier business. The partnership, once dissolved by notice, is treated as a different person in law for income-tax purposes, so a reconstituted firm with common partners is still a new entity compared with the dissolved firm. The business was therefore not discontinued, but it was succeeded within section 25(4), and the succession issue was answered in favour of the assessee. en-us Thu, 27 Nov 1952 00:00:00 +0530 Tue, 18 Aug 2015 10:14:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=172265 For section 25(4) of the Income-tax Act, succession exists where a business continues with substantial identity after dissolution of a partnership at will, even if one partner withdraws and the continuing partners retain only part of the earlier business. The partnership, once dissolved by notice, is treated as a different person in law for income-tax purposes, so a reconstituted firm with common partners is still a new entity compared with the dissolved firm. The business was therefore not discontinued, but it was succeeded within section 25(4), and the succession issue was answered in favour of the assessee. Case-Laws Income Tax Thu, 27 Nov 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=172265