https://www.taxtmi.com/caselaws?id=290618 Section 25(3) relief is available only when a business in existence at the commencement of the Act is actually discontinued. A mere sale or transfer of the undertaking, where the business continues in the hands of the purchaser with its goodwill and contracts intact, is succession under Section 26 and not discontinuance. On that basis, the assessees were not entitled to claim refund under the discontinuance provision because the business itself had not ceased; only ownership had changed. en-us Tue, 18 Aug 1925 00:00:00 +0530 Wed, 07 Oct 2020 10:41:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290618 Section 25(3) relief is available only when a business in existence at the commencement of the Act is actually discontinued. A mere sale or transfer of the undertaking, where the business continues in the hands of the purchaser with its goodwill and contracts intact, is succession under Section 26 and not discontinuance. On that basis, the assessees were not entitled to claim refund under the discontinuance provision because the business itself had not ceased; only ownership had changed. Case-Laws Income Tax Tue, 18 Aug 1925 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290618