https://www.taxtmi.com/caselaws?id=15153 The court ruled in favor of the assessee regarding the assessment as a successor, determining that succession occurred on January 1, 1974, under section 170 of the Income-tax Act, 1961. The assessment for the year 1972-73 was deemed unsustainable prior to this date. Additionally, the court upheld the inclusion of management compensation of Rs. 2,85,838 in the total income of the assessee for the same assessment year under section 28(ii)(d) of the Act. The court emphasized the importance of substantial identity and continuity of business for succession and highlighted the necessity of effective transfer of ownership for section 170 to apply. en-us Tue, 16 May 2000 00:00:00 +0530 Mon, 03 Aug 2009 13:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15153 The court ruled in favor of the assessee regarding the assessment as a successor, determining that succession occurred on January 1, 1974, under section 170 of the Income-tax Act, 1961. The assessment for the year 1972-73 was deemed unsustainable prior to this date. Additionally, the court upheld the inclusion of management compensation of Rs. 2,85,838 in the total income of the assessee for the same assessment year under section 28(ii)(d) of the Act. The court emphasized the importance of substantial identity and continuity of business for succession and highlighted the necessity of effective transfer of ownership for section 170 to apply. Case-Laws Income Tax Tue, 16 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15153