https://www.taxtmi.com/caselaws?id=276160 A dissolution of partnership and partition of business branches does not amount to discontinuance where the undertaking continues as the same going concern, with no real cessation of commercial activity and only a change in ownership or constitution. A mere division of assets or branches is insufficient if the profits are not capitalised or distributed and the business retains continuity and identity. On that basis, the business was treated as continuing rather than newly commenced, so the statutory condition for the second proviso to the Excess Profits Tax Act was not met. en-us Wed, 04 Apr 1945 00:00:00 +0630 Thu, 01 Nov 2018 11:11:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276160 A dissolution of partnership and partition of business branches does not amount to discontinuance where the undertaking continues as the same going concern, with no real cessation of commercial activity and only a change in ownership or constitution. A mere division of assets or branches is insufficient if the profits are not capitalised or distributed and the business retains continuity and identity. On that basis, the business was treated as continuing rather than newly commenced, so the statutory condition for the second proviso to the Excess Profits Tax Act was not met. Case-Laws Income Tax Wed, 04 Apr 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=276160