https://www.taxtmi.com/caselaws?id=288935 A refund of excess profits tax was held not to be barred by limitation where the claim was consequential to a Supreme Court decision and depended on giving effect to that ruling. On the merits, the Hindu undivided family's business was treated as continuing rather than commencing afresh, because one branch of the composite business had ceased while the money-lending activity continued in the same ownership. The cessation of part of the business did not amount to a change in ownership or a new business for excess profits tax purposes. The assessee was therefore entitled to have deficiency and excess profits worked out on the basis of a continuing business and to obtain the refund. en-us Tue, 22 Aug 1961 00:00:00 +0530 Mon, 06 Jul 2020 17:35:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288935 A refund of excess profits tax was held not to be barred by limitation where the claim was consequential to a Supreme Court decision and depended on giving effect to that ruling. On the merits, the Hindu undivided family's business was treated as continuing rather than commencing afresh, because one branch of the composite business had ceased while the money-lending activity continued in the same ownership. The cessation of part of the business did not amount to a change in ownership or a new business for excess profits tax purposes. The assessee was therefore entitled to have deficiency and excess profits worked out on the basis of a continuing business and to obtain the refund. Case-Laws Income Tax Tue, 22 Aug 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288935