https://www.taxtmi.com/caselaws?id=6367 Section 25(3) relief under the Indian Income-tax Act, 1922 applies where a business charged to tax under the Indian Income-tax Act, 1918 is discontinued and continued by a successor-in-interest as the same business. The Court treated the decisive inquiry as whether the predecessor's share and stock dealing business had been taxed under the earlier Act and whether the assessee-company, after taking over the firm as a going concern, in substance carried on that very business. On the record, the company acquired the business and assets and continued dealings in shares and securities, with no material showing mere investment activity. Relief was therefore available, and it was not confined to income assessed under any particular head. en-us Tue, 29 Aug 1972 00:00:00 +0530 Thu, 04 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6367 Section 25(3) relief under the Indian Income-tax Act, 1922 applies where a business charged to tax under the Indian Income-tax Act, 1918 is discontinued and continued by a successor-in-interest as the same business. The Court treated the decisive inquiry as whether the predecessor's share and stock dealing business had been taxed under the earlier Act and whether the assessee-company, after taking over the firm as a going concern, in substance carried on that very business. On the record, the company acquired the business and assets and continued dealings in shares and securities, with no material showing mere investment activity. Relief was therefore available, and it was not confined to income assessed under any particular head. Case-Laws Income Tax Tue, 29 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6367