Appellate Tribunal allows set-off of wife's firm loss against husband's income based on CBDT circular.

The Appellate Tribunal ITAT Cochin allowed the assessee to set off his wife's share of loss from a firm against his income based on a circular by the CBDT. The Department's appeal was allowed.

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The Appellate Tribunal ITAT Cochin allowed the assessee's claim to set off his wife's share of loss from a firm against his income. The Tribunal held that the circular by the CBDT, though later withdrawn, applied at the time of assessment and granted the concession to the assessee. The Department's appeal was allowed.

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