https://www.taxtmi.com/caselaws?id=276747 Section 25(4) relief was construed as confined to the particular business that had been assessed under the earlier Act and then succeeded to in the same capacity. Read with Section 25(3) and the super-tax proviso, the phrase "income, profits and gains" was held to refer to the income of that business, profession or vocation, not to the assessee's total income from all sources. The provision was intended to prevent double taxation of the same business only. Accordingly, where an assessee carried on distinct businesses, the relief could not extend to businesses not previously assessed under the earlier regime or not shown to form part of the same business. en-us Mon, 02 Apr 1951 00:00:00 +0530 Fri, 16 Nov 2018 16:47:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276747 Section 25(4) relief was construed as confined to the particular business that had been assessed under the earlier Act and then succeeded to in the same capacity. Read with Section 25(3) and the super-tax proviso, the phrase "income, profits and gains" was held to refer to the income of that business, profession or vocation, not to the assessee's total income from all sources. The provision was intended to prevent double taxation of the same business only. Accordingly, where an assessee carried on distinct businesses, the relief could not extend to businesses not previously assessed under the earlier regime or not shown to form part of the same business. Case-Laws Income Tax Mon, 02 Apr 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276747