https://www.taxtmi.com/caselaws?id=189200 "Discontinued" under the Indian Income-tax Act, 1922 was construed to mean cessation of the business itself, not a mere change in the legal capacity of the same persons carrying it on after Hindu undivided family disruption. On that construction, continuation of the business by the members as partners did not amount to discontinuance, and the income remained taxable under Section 25(3). The one-year limit in Section 25(5) was held to apply only to refund-based relief requiring action by the Income-tax Officer, such as reassessment and adjustment of tax already paid, and not to the statutory exemption that operated automatically. The reference was answered against the assessee. en-us Fri, 12 Mar 1943 00:00:00 +0630 Sat, 31 Dec 2016 13:07:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189200 "Discontinued" under the Indian Income-tax Act, 1922 was construed to mean cessation of the business itself, not a mere change in the legal capacity of the same persons carrying it on after Hindu undivided family disruption. On that construction, continuation of the business by the members as partners did not amount to discontinuance, and the income remained taxable under Section 25(3). The one-year limit in Section 25(5) was held to apply only to refund-based relief requiring action by the Income-tax Officer, such as reassessment and adjustment of tax already paid, and not to the statutory exemption that operated automatically. The reference was answered against the assessee. Case-Laws Income Tax Fri, 12 Mar 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=189200