https://www.taxtmi.com/caselaws?id=49745 For section 25(4) of the Income-tax Act, 1922, succession to the business occurred on the testator's death when the estate, including the business, vested in the executors by operation of law. The executors carried on the business as principals under the authority of the will and were liable to assessment on profits earned after death. The phrase "succeeded in such capacity by another person" was read as referring to a change in the person carrying on the business in the taxable capacity, not to a change in beneficial ownership. A temporary direction to continue the business for sale did not postpone succession. en-us Thu, 21 Dec 1950 00:00:00 +0530 Fri, 12 Sep 2014 09:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49745 For section 25(4) of the Income-tax Act, 1922, succession to the business occurred on the testator's death when the estate, including the business, vested in the executors by operation of law. The executors carried on the business as principals under the authority of the will and were liable to assessment on profits earned after death. The phrase "succeeded in such capacity by another person" was read as referring to a change in the person carrying on the business in the taxable capacity, not to a change in beneficial ownership. A temporary direction to continue the business for sale did not postpone succession. Case-Laws Income Tax Thu, 21 Dec 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49745