https://www.taxtmi.com/caselaws?id=292476 Whether an assessee had succeeded to a business within Section 26(2) of the Income-tax Act, 1922 depended on the legal effect of the proved facts, not on fact alone. The statutory scheme under Sections 66(2) and 66(3) allowed a reference on a legal question arising from assessment, and the phrase "succeeded in such capacity" required application of the statutory test to the facts found. On the stated facts, the business continued in substance, and the circumstances did not negate succession. The conclusion that there had been succession was therefore upheld, and the assessment consequence under Section 26(2) was sustained. en-us Wed, 20 Jan 1937 00:00:00 +0530 Fri, 25 Dec 2020 11:41:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292476 Whether an assessee had succeeded to a business within Section 26(2) of the Income-tax Act, 1922 depended on the legal effect of the proved facts, not on fact alone. The statutory scheme under Sections 66(2) and 66(3) allowed a reference on a legal question arising from assessment, and the phrase "succeeded in such capacity" required application of the statutory test to the facts found. On the stated facts, the business continued in substance, and the circumstances did not negate succession. The conclusion that there had been succession was therefore upheld, and the assessment consequence under Section 26(2) was sustained. Case-Laws Income Tax Wed, 20 Jan 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292476