https://www.taxtmi.com/caselaws?id=292467 On partition of a Hindu undivided family, if the members continue the same business as a firm with unchanged ownership and beneficial shares, there is no succession in the statutory sense under the Income-tax Act, 1922. The governing test is whether the business has transferred ownership; where the same persons carry on the business after partition, Section 26(2) does not apply. Income up to the date of partition is therefore assessed under Section 25-A(2) as income of a partitioned HUF, rather than on the firm as a successor. en-us Tue, 31 Mar 1936 00:00:00 +0530 Fri, 25 Dec 2020 09:47:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292467 On partition of a Hindu undivided family, if the members continue the same business as a firm with unchanged ownership and beneficial shares, there is no succession in the statutory sense under the Income-tax Act, 1922. The governing test is whether the business has transferred ownership; where the same persons carry on the business after partition, Section 26(2) does not apply. Income up to the date of partition is therefore assessed under Section 25-A(2) as income of a partitioned HUF, rather than on the firm as a successor. Case-Laws Income Tax Tue, 31 Mar 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292467