https://www.taxtmi.com/caselaws?id=290111 A company may still be treated as carrying on business during the relevant accounting year where lease terms tie rent to the actual working of the factory and the company continues to claim business losses, expenses, depreciation, and carry-forward relief on that footing. On that evidence, business activity was found to have continued through the hirer rather than being discontinued. The proviso to section 10(2)(vii) was also applied to a transfer of an undertaking as a whole, because its object is to recoup depreciation where building, machinery, or plant realises more than written-down value on sale, whether sold separately or as part of a composite transfer. en-us Thu, 02 Aug 1956 00:00:00 +0530 Wed, 09 Sep 2020 16:05:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290111 A company may still be treated as carrying on business during the relevant accounting year where lease terms tie rent to the actual working of the factory and the company continues to claim business losses, expenses, depreciation, and carry-forward relief on that footing. On that evidence, business activity was found to have continued through the hirer rather than being discontinued. The proviso to section 10(2)(vii) was also applied to a transfer of an undertaking as a whole, because its object is to recoup depreciation where building, machinery, or plant realises more than written-down value on sale, whether sold separately or as part of a composite transfer. Case-Laws Income Tax Thu, 02 Aug 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290111