https://www.taxtmi.com/caselaws?id=7249 Continuity of business determined entitlement to section 25(3) exemption and loss set-off: where the assessee continued the predecessor's share-and-securities business as a going concern, the exemption and later business-loss adjustment were allowed. Loss on sale of Shanghai immovable property was treated as capital, because the property was acquired as an investment and not in the course of trading. Payments under the superannuation scheme and provident-fund lapse and forfeiture account were deductible business expenditures, as the liabilities accrued under pre-existing obligations and were not denied merely because payment occurred after liquidation. en-us Fri, 13 Oct 1967 00:00:00 +0530 Mon, 16 Feb 2009 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7249 Continuity of business determined entitlement to section 25(3) exemption and loss set-off: where the assessee continued the predecessor's share-and-securities business as a going concern, the exemption and later business-loss adjustment were allowed. Loss on sale of Shanghai immovable property was treated as capital, because the property was acquired as an investment and not in the course of trading. Payments under the superannuation scheme and provident-fund lapse and forfeiture account were deductible business expenditures, as the liabilities accrued under pre-existing obligations and were not denied merely because payment occurred after liquidation. Case-Laws Income Tax Fri, 13 Oct 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7249