https://www.taxtmi.com/caselaws?id=290936 Section 26(2) of the Income-tax Act, 1922 was construed to apply where one business undertaking is transferred to a newly formed company, because the phrase "any business" bears its ordinary meaning and refers to the particular business taken over, not every business carried on by the transferor. The transferor's retention of other businesses did not prevent succession in respect of the transferred undertaking. The new company was therefore treated as the successor for that business, and the referred question was answered in favour of the Revenue. en-us Wed, 06 Jan 1932 00:00:00 +0530 Thu, 22 Oct 2020 14:12:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290936 Section 26(2) of the Income-tax Act, 1922 was construed to apply where one business undertaking is transferred to a newly formed company, because the phrase "any business" bears its ordinary meaning and refers to the particular business taken over, not every business carried on by the transferor. The transferor's retention of other businesses did not prevent succession in respect of the transferred undertaking. The new company was therefore treated as the successor for that business, and the referred question was answered in favour of the Revenue. Case-Laws Income Tax Wed, 06 Jan 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290936