https://www.taxtmi.com/caselaws?id=174237 Whether a successor company is liable for predecessor's escaped income turns on the temporal point for applicability of Section 26(2): the operative time is the process of assessment (commencement by service of notice) rather than only the date of the final assessment order. Applying that construction, if the assessment proceedings began while the old Section 26(2) was in force and the successor was identifiable during the assessment process, the successor can be assessed as if it had carried on the business throughout the previous year. Outcome in the text: successor company held liable where proceedings commenced under the old provision. en-us Fri, 13 Mar 1953 00:00:00 +0530 Mon, 05 Oct 2015 10:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174237 Whether a successor company is liable for predecessor's escaped income turns on the temporal point for applicability of Section 26(2): the operative time is the process of assessment (commencement by service of notice) rather than only the date of the final assessment order. Applying that construction, if the assessment proceedings began while the old Section 26(2) was in force and the successor was identifiable during the assessment process, the successor can be assessed as if it had carried on the business throughout the previous year. Outcome in the text: successor company held liable where proceedings commenced under the old provision. Case-Laws Income Tax Fri, 13 Mar 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174237