https://www.taxtmi.com/caselaws?id=5905 Section 25(4) relief under the Indian Income-tax Act, 1922 was available where the business was, in substance, succeeded to within the relevant previous year. The Supreme Court read the partnership deed, account-book entries and statutory scheme together, and held that the date of succession had to be fixed by the real effect of the transaction, not by technical form. Because the family business was divided in the books on 11 October 1948 and the new partnership was intended to carry on the business from the next day, there was no real hiatus; succession and disruption were treated as having occurred simultaneously. Relief was therefore allowed for the assessment year 1949-50. en-us Fri, 20 Sep 1985 00:00:00 +0530 Sat, 29 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5905 Section 25(4) relief under the Indian Income-tax Act, 1922 was available where the business was, in substance, succeeded to within the relevant previous year. The Supreme Court read the partnership deed, account-book entries and statutory scheme together, and held that the date of succession had to be fixed by the real effect of the transaction, not by technical form. Because the family business was divided in the books on 11 October 1948 and the new partnership was intended to carry on the business from the next day, there was no real hiatus; succession and disruption were treated as having occurred simultaneously. Relief was therefore allowed for the assessment year 1949-50. Case-Laws Income Tax Fri, 20 Sep 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5905