https://www.taxtmi.com/caselaws?id=276715 A succession under Section 26(2) of the Income-tax Act, 1922 arises only if the succeeding persons take over the business as a whole. On the stated facts, the Rangoon activity was part of a single joint family concern run under common organisation and central control, with branch accounts folded into the family accounts and the same banking and money-lending business carried on at several places. Capital allocation and interest entries did not show separate businesses, and earlier tax treatment supported the single-business character. The partition and continuation of the Rangoon branch by the brothers therefore did not amount to succession to a distinct business. en-us Fri, 23 Aug 1940 00:00:00 +0530 Fri, 16 Nov 2018 12:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276715 A succession under Section 26(2) of the Income-tax Act, 1922 arises only if the succeeding persons take over the business as a whole. On the stated facts, the Rangoon activity was part of a single joint family concern run under common organisation and central control, with branch accounts folded into the family accounts and the same banking and money-lending business carried on at several places. Capital allocation and interest entries did not show separate businesses, and earlier tax treatment supported the single-business character. The partition and continuation of the Rangoon branch by the brothers therefore did not amount to succession to a distinct business. Case-Laws Income Tax Fri, 23 Aug 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276715