https://www.taxtmi.com/caselaws?id=8616 Relief under section 25(4) of the Indian Income-tax Act, 1922 was held to arise in the assessment year corresponding to the accounting period in which succession to the business actually occurred, so it was not available for assessment year 1949-50 where succession took place on 12 October 1948 and related to assessment year 1950-51. The surplus of Rs. 4,810 on sale of the truck was held not taxable under section 10(2)(vii), second proviso, because the proviso applies only where depreciation has actually been allowed, and none had been allowed in this case. en-us Thu, 04 Feb 1971 00:00:00 +0530 Fri, 08 May 2009 13:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8616 Relief under section 25(4) of the Indian Income-tax Act, 1922 was held to arise in the assessment year corresponding to the accounting period in which succession to the business actually occurred, so it was not available for assessment year 1949-50 where succession took place on 12 October 1948 and related to assessment year 1950-51. The surplus of Rs. 4,810 on sale of the truck was held not taxable under section 10(2)(vii), second proviso, because the proviso applies only where depreciation has actually been allowed, and none had been allowed in this case. Case-Laws Income Tax Thu, 04 Feb 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8616