https://www.taxtmi.com/caselaws?id=49726 Section 25(4) of the Indian Income-tax Act, 1922 was construed as granting exemption only for the broken period between the end of the completed accounting year immediately preceding succession and the date of succession. The Court held that the phrase "previous year" in Sections 25(3) and 25(4) means the completed accounting year, not the assessment year, and that the relief under Section 25(4) is separate from the accelerated assessment mechanism in Section 25(1). On that construction, the exemption did not extend back to 1 July 1938 and was confined to 1 July 1939 to 29 February 1940. en-us Mon, 22 Dec 1952 00:00:00 +0530 Wed, 25 Mar 2015 12:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49726 Section 25(4) of the Indian Income-tax Act, 1922 was construed as granting exemption only for the broken period between the end of the completed accounting year immediately preceding succession and the date of succession. The Court held that the phrase "previous year" in Sections 25(3) and 25(4) means the completed accounting year, not the assessment year, and that the relief under Section 25(4) is separate from the accelerated assessment mechanism in Section 25(1). On that construction, the exemption did not extend back to 1 July 1938 and was confined to 1 July 1939 to 29 February 1940. Case-Laws Income Tax Mon, 22 Dec 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49726