https://www.taxtmi.com/caselaws?id=286882 A company was held to have succeeded to the business of the erstwhile firm where the transfer covered the undertaking as a going concern, including immovable property, machinery, goodwill, contracts and related legal incidents; an omission in the profit and loss account did not alter that overall effect. In reassessment for escaped income under Section 34(1) of the Income-tax Act, 1922, the assessment had to be made on the basis of the law in force when the original assessment ought to have been completed, so the unamended Section 26(2) governed the liability. The reference was answered against the assessee and the reassessment was upheld. en-us Tue, 08 Jun 1943 00:00:00 +0630 Thu, 19 Mar 2020 12:51:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286882 A company was held to have succeeded to the business of the erstwhile firm where the transfer covered the undertaking as a going concern, including immovable property, machinery, goodwill, contracts and related legal incidents; an omission in the profit and loss account did not alter that overall effect. In reassessment for escaped income under Section 34(1) of the Income-tax Act, 1922, the assessment had to be made on the basis of the law in force when the original assessment ought to have been completed, so the unamended Section 26(2) governed the liability. The reference was answered against the assessee and the reassessment was upheld. Case-Laws Income Tax Tue, 08 Jun 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=286882