https://www.taxtmi.com/caselaws?id=292452 Section 25(4) of the Income-tax Act, 1922 applies where a Hindu undivided family carrying on a business is partitioned and the former coparceners continue the business as a partnership, because the business then passes to a distinct taxable entity by a real change in ownership. The continuation of the same persons in profit-sharing does not prevent succession, and Section 25A(2) does not bar the relief. The statutory scheme treats the family as continuing for assessment purposes notwithstanding partition, but that does not negate the transfer of the business to the firm. Relief under Section 25(4) is therefore available in such a case. en-us Fri, 17 Dec 1943 00:00:00 +0630 Thu, 24 Dec 2020 18:55:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292452 Section 25(4) of the Income-tax Act, 1922 applies where a Hindu undivided family carrying on a business is partitioned and the former coparceners continue the business as a partnership, because the business then passes to a distinct taxable entity by a real change in ownership. The continuation of the same persons in profit-sharing does not prevent succession, and Section 25A(2) does not bar the relief. The statutory scheme treats the family as continuing for assessment purposes notwithstanding partition, but that does not negate the transfer of the business to the firm. Relief under Section 25(4) is therefore available in such a case. Case-Laws Income Tax Fri, 17 Dec 1943 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=292452