https://www.taxtmi.com/caselaws?id=23735 Pre-nationalisation income of erstwhile banks remained taxable in their hands because it accrued before their undertakings vested in corresponding new banks. Statutory transfer of accrued income as part of transferred assets did not make it income of the successor banks without an express deeming provision. On succession of banking business, section 170 of the Income-tax Act allocates income up to the succession date to the predecessor and income thereafter to the successor. Accordingly, corresponding new banks were assessable only for post-succession income, while pre-succession income remained assessable to the erstwhile banks. en-us Thu, 15 Jun 1989 00:00:00 +0530 Fri, 25 Dec 2009 16:44:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23735 Pre-nationalisation income of erstwhile banks remained taxable in their hands because it accrued before their undertakings vested in corresponding new banks. Statutory transfer of accrued income as part of transferred assets did not make it income of the successor banks without an express deeming provision. On succession of banking business, section 170 of the Income-tax Act allocates income up to the succession date to the predecessor and income thereafter to the successor. Accordingly, corresponding new banks were assessable only for post-succession income, while pre-succession income remained assessable to the erstwhile banks. Case-Laws Income Tax Thu, 15 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23735