Law:

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Income-tax Act (XI of 1922)-------   -------- S. 25(4)-Business-Succes sion-Exemption of tax for period between end of "previous year" and date of succession-"Previous year"-Determination.   The assessee was a Hindu undivided family which carried on business. For the assessment year 1944-45 its accounting year was the period, October 19, 1942, to October 7, 1943. It claimed exemption from tax for that period under section 25 (4) of the Income-tax Act, 1922, on the ground that a partnership succeeded to its business on October 8, 1943   Held, [per Y. Bhargava and Jagdish Sahai, JJ. (B. Upadhya, J. dissenting)], that the assessee was not entitled to exemption, as the previous year ended on October 7, 1943, and the assessee had made no income between October 7, 1943, which was the end of the previous year, and the date on which succession took place, viz., October 8, 1943, for the purposes of section 25 (4) of the Income-tax Act.   Commissioner of Income-tax v. Srinivasan (1953) 23 I T R 87 (S C) applied.   Ambaram Kalidas v. Commissioner of Income-tax (1951) 19 I T R 227 (Bom.) fol.   Ambaram Kalidas v. Commissioner of Income-tax (1951) 19 I T R 227 ; Commissioner of Income-tax v. Polson (1945) 13 I T R 384 ; Commissioner of Income-tax v. Proprietors of "The Hindu" (1950) 18 I T R 237 (Mad.); Commissioner of Income-tax v. Srinivasan (1953) 23 I T R 87 ; Commissioner of Income-tax v. Teja Singh (1959) 35 I T R 408 (S C); Lachman Pandey, !n re (1953) 23 I T R 250 ; Polson. In re (1942) 10 I T R 52 and Tirath Singh v. Bachittar Singh (1955) 2 S C R 457 ref.   STATEMENT OF CASE   By this application, the assessee requires the Appellate Tribunal to refer to the High Court a question of law, which is said twarise out of the Tribunal's order in I. T. A. No. 2623 of 19-9-50 and inasmuch as, in our opinion, a question of law does arise out of the aforesaid order, we hereby draw up a statement of the case and refer it to the High Court at Allahabad under section 66 (1) of the Indian Income-tax Act, 1922.   The assessee is a Hindu undivided family. The assess ment year in question is 1944-45, the…