https://www.taxtmi.com/caselaws?id=35654 Section 25(3) and 25(4) of the Indian Income-tax Act, 1922 were designed to prevent double taxation of income already charged under the 1918 Act. The Delhi HC noted that the reference to the period between the end of the previous year and the date of succession or discontinuance must be read pragmatically, not so literally as to deny relief where succession occurs at the boundary of two days. On the facts, the disruption of the Hindu undivided family business on 31 March 1943 and the successor firm's commencement from 1 April 1943 were treated as satisfying the succession requirement, so exemption was available for the financial year 1 April 1942 to 31 March 1943. en-us Tue, 14 Apr 1981 00:00:00 +0530 Mon, 15 Mar 2010 17:42:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35654 Section 25(3) and 25(4) of the Indian Income-tax Act, 1922 were designed to prevent double taxation of income already charged under the 1918 Act. The Delhi HC noted that the reference to the period between the end of the previous year and the date of succession or discontinuance must be read pragmatically, not so literally as to deny relief where succession occurs at the boundary of two days. On the facts, the disruption of the Hindu undivided family business on 31 March 1943 and the successor firm's commencement from 1 April 1943 were treated as satisfying the succession requirement, so exemption was available for the financial year 1 April 1942 to 31 March 1943. Case-Laws Income Tax Tue, 14 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35654