https://www.taxtmi.com/caselaws?id=49714 A mere change in the partners or their profit shares does not amount to a succession where the same business unit continues unchanged. Under section 25(4), a firm remains a distinct assessable unit, so the real question is whether there was cesser of the old business and commencement of a new one. On the stated facts, the tea-broking business continued without dissolution, division of assets and liabilities, or transfer to an outside person. The change was only in partnership constitution, so the statutory relief remained available when the business was succeeded by a private limited company. en-us Thu, 24 Sep 1953 00:00:00 +0530 Wed, 10 Sep 2014 09:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49714 A mere change in the partners or their profit shares does not amount to a succession where the same business unit continues unchanged. Under section 25(4), a firm remains a distinct assessable unit, so the real question is whether there was cesser of the old business and commencement of a new one. On the stated facts, the tea-broking business continued without dissolution, division of assets and liabilities, or transfer to an outside person. The change was only in partnership constitution, so the statutory relief remained available when the business was succeeded by a private limited company. Case-Laws Income Tax Thu, 24 Sep 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49714