https://www.taxtmi.com/caselaws?id=276158 Partition of a Hindu undivided family's money-lending business was held to amount to discontinuance where the division brought a complete cessation of the old business as a single unit. A mere continuance by the father with allotted assets, the same books, premises, goodwill, or customers did not preserve the legal identity of the original business. The business assessed as one unit came to an end in law, and the post-partition activity was treated as a new and distinct business. On that basis, Section 25(3) relief applied and the question was answered against the Revenue. en-us Tue, 02 Jan 1951 00:00:00 +0530 Thu, 01 Nov 2018 11:02:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276158 Partition of a Hindu undivided family's money-lending business was held to amount to discontinuance where the division brought a complete cessation of the old business as a single unit. A mere continuance by the father with allotted assets, the same books, premises, goodwill, or customers did not preserve the legal identity of the original business. The business assessed as one unit came to an end in law, and the post-partition activity was treated as a new and distinct business. On that basis, Section 25(3) relief applied and the question was answered against the Revenue. Case-Laws Income Tax Tue, 02 Jan 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276158