https://www.taxtmi.com/caselaws?id=49346 On discontinuance of a business, section 25(3) of the Indian Income-tax Act, 1922 applies to the income, profits and gains of the discontinued business as a whole, not merely to amounts assessable under the business head. Although heads of income are separately classified, that classification does not narrow the discontinuance relief where the receipt formed part of the business stock-in-trade. Interest on securities received in the course of the business, though separately assessable under section 8, was held to fall within the exemption because it was part of the discontinued business income. The assessee was therefore entitled to relief under section 25(3) in respect of that interest. en-us Wed, 29 Jul 1964 00:00:00 +0530 Tue, 02 Sep 2014 16:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49346 On discontinuance of a business, section 25(3) of the Indian Income-tax Act, 1922 applies to the income, profits and gains of the discontinued business as a whole, not merely to amounts assessable under the business head. Although heads of income are separately classified, that classification does not narrow the discontinuance relief where the receipt formed part of the business stock-in-trade. Interest on securities received in the course of the business, though separately assessable under section 8, was held to fall within the exemption because it was part of the discontinued business income. The assessee was therefore entitled to relief under section 25(3) in respect of that interest. Case-Laws Income Tax Wed, 29 Jul 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49346