https://www.taxtmi.com/caselaws?id=283528 A professional firm is treated as discontinued where the old concern ends on a partner's death and the successor does not take over the business as a going concern, assume its assets or liabilities, or maintain the same accounting identity; on those facts, relief for discontinuance under section 25(3) was available. The continued use of the old firm name and premises did not prevent discontinuance because no transferable goodwill was shown on the facts. For tax computation, partners' withdrawals did not amount to a regularly employed accounting method, and the Income-tax Officer could assess the firm on the receipts or cash basis to determine total income. en-us Wed, 06 Sep 1944 00:00:00 +0630 Fri, 27 Sep 2019 10:51:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283528 A professional firm is treated as discontinued where the old concern ends on a partner's death and the successor does not take over the business as a going concern, assume its assets or liabilities, or maintain the same accounting identity; on those facts, relief for discontinuance under section 25(3) was available. The continued use of the old firm name and premises did not prevent discontinuance because no transferable goodwill was shown on the facts. For tax computation, partners' withdrawals did not amount to a regularly employed accounting method, and the Income-tax Officer could assess the firm on the receipts or cash basis to determine total income. Case-Laws Income Tax Wed, 06 Sep 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=283528