https://www.taxtmi.com/caselaws?id=23735 Income accrued before nationalisation remained taxable in the hands of the erstwhile banks because the corresponding new banks were not in existence when that income arose, and the statutory transfer of assets did not, without an express deeming provision, convert it into the successor banks' income. Section 170 of the Income-tax Act was applied in the ordinary way on succession of business: the predecessor remained assessable up to the date of succession, while the successor was assessable only for income arising thereafter. The note therefore states that pre-succession income stayed with the old banks and post-succession income with the new 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 Income accrued before nationalisation remained taxable in the hands of the erstwhile banks because the corresponding new banks were not in existence when that income arose, and the statutory transfer of assets did not, without an express deeming provision, convert it into the successor banks' income. Section 170 of the Income-tax Act was applied in the ordinary way on succession of business: the predecessor remained assessable up to the date of succession, while the successor was assessable only for income arising thereafter. The note therefore states that pre-succession income stayed with the old banks and post-succession income with the new banks. Case-Laws Income Tax Thu, 15 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23735