https://www.taxtmi.com/caselaws?id=289482 For income-tax purposes, continuity of the same business under the same trade name and commercial identity can support succession even where annual arrangements change the financiers or the partnership composition. A mere reduction in operating centres does not, by itself, break the identity of the business if the substance of the undertaking remains the same and the later concern carries on as a continuing concern. On that footing, the same facts may also amount to a change in the constitution of the firm rather than the creation of a wholly distinct business, bringing the arrangement within the statutory language governing successor firms and reconstituted firms. en-us Wed, 10 Jun 1936 00:00:00 +0530 Sat, 01 Aug 2020 16:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289482 For income-tax purposes, continuity of the same business under the same trade name and commercial identity can support succession even where annual arrangements change the financiers or the partnership composition. A mere reduction in operating centres does not, by itself, break the identity of the business if the substance of the undertaking remains the same and the later concern carries on as a continuing concern. On that footing, the same facts may also amount to a change in the constitution of the firm rather than the creation of a wholly distinct business, bringing the arrangement within the statutory language governing successor firms and reconstituted firms. Case-Laws Income Tax Wed, 10 Jun 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289482