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1963 (12) TMI 7 - SC - Income TaxWhether, on the facts and in the circumstances of the case, the asses see is not entitled to relief under section 25(4) of the Indian Income-tax Act, and to what extent ? Held that:- What was discontinued could not be succeeded to. Even if it was held that on May 30, 1939, there was a succession to the business which we do not think is a correct view to take, that also. would disentitle the appellant to relief under sub-section (4) of section 25 in the years 1948-49 and 1949-50, for it should, in such an event, have claimed the relief in the year 1939-40. The business which had been subjected to tax in 1918 had been discontinued in October/November, 1937, or on May 30, 1939, and it was not in existence in 1948 so as to permit a succession to it taking place under the instrument of February 7, 1948. Appeal dismissed.
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