1936 (3) TMI 14

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....ion constitute themselves into a firm in order to continue the business hitherto carried on by the undivided family, the assessment of the total income of the undivided family up to date of separation and partition should be made (a) on the firm carrying on the business as successors of the undivided family within the meaning of Section 26(2) of the Income Tax Act, or (b) on the ....

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.... the Legislature. It appears to us that the word succession as used in the section connotes a transfer of ownership and the person who succeeds another must have by such succession become the owner of the business which his predecessor was carrying on and which he after the succession carries on in such capacity that is the capacity as owner. If this view is correct, as we think it is, then it see....