1929 (1) TMI 3 - HC - Income Tax

Summary

The Lahore High Court ruled that the family business did not cease to exist despite family disruption, and therefore, the business was not discontinued within the purview of section 25(3) of the Income-tax Act. The court held in favor of the Income-tax authorities under section 26. The father continued the old business under the same name and style, retaining control of the accounts and outstanding debts. The assessee was ordered to pay the Commissioner's costs.