https://www.taxtmi.com/caselaws?id=173320 Succession to a business under Section 26(2) of the Income-tax Act, 1922 requires the successor to take over and continue the predecessor's business as a whole with continuity in its carrying on. Where the business has been split up, discontinued, or later restarted as a new business, even with the same assets or premises, there is no succession within the section. On the facts stated, the Hindu joint family's money-lending business had already been discontinued before partition, and the later business was not a takeover of the whole undertaking; succession was therefore negatived. en-us Tue, 11 Jul 1933 00:00:00 +0530 Sat, 12 Sep 2015 11:57:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173320 Succession to a business under Section 26(2) of the Income-tax Act, 1922 requires the successor to take over and continue the predecessor's business as a whole with continuity in its carrying on. Where the business has been split up, discontinued, or later restarted as a new business, even with the same assets or premises, there is no succession within the section. On the facts stated, the Hindu joint family's money-lending business had already been discontinued before partition, and the later business was not a takeover of the whole undertaking; succession was therefore negatived. Case-Laws Income Tax Tue, 11 Jul 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173320