https://www.taxtmi.com/caselaws?id=181173 Section 25(4) of the Indian Income-tax Act was construed as a remedial succession provision extending relief available on discontinuance to cases where a business passed to a successor. The majority read "previous year" consistently with the statutory scheme to mean the accounting year immediately preceding succession, so the exempt broken period ran from the end of that year to the date of succession, allowing exemption for the longer period claimed. The dissent treated "previous year" in its ordinary statutory sense linked to the assessment year of succession and confined exemption to the shorter broken period only. en-us Thu, 12 Jan 1950 00:00:00 +0530 Fri, 08 Apr 2016 17:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181173 Section 25(4) of the Indian Income-tax Act was construed as a remedial succession provision extending relief available on discontinuance to cases where a business passed to a successor. The majority read "previous year" consistently with the statutory scheme to mean the accounting year immediately preceding succession, so the exempt broken period ran from the end of that year to the date of succession, allowing exemption for the longer period claimed. The dissent treated "previous year" in its ordinary statutory sense linked to the assessment year of succession and confined exemption to the shorter broken period only. Case-Laws Income Tax Thu, 12 Jan 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181173