https://www.taxtmi.com/caselaws?id=292468 Section 26(2) of the Indian Income-tax Act was construed to require a succession involving transfer of ownership in the business, so that the successor carries on as owner. On the facts, the assessee did not acquire the business through such a transfer; he had been a part-owner and became entitled by survivorship on his father's death. The statutory condition of succession in the relevant sense was therefore not met, and he was not liable to be assessed under Section 26(2). en-us Wed, 02 Oct 1935 00:00:00 +0530 Mon, 19 Jul 2021 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292468 Section 26(2) of the Indian Income-tax Act was construed to require a succession involving transfer of ownership in the business, so that the successor carries on as owner. On the facts, the assessee did not acquire the business through such a transfer; he had been a part-owner and became entitled by survivorship on his father's death. The statutory condition of succession in the relevant sense was therefore not met, and he was not liable to be assessed under Section 26(2). Case-Laws Income Tax Wed, 02 Oct 1935 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292468