https://www.taxtmi.com/caselaws?id=67696 The Tribunal held that the share of loss of the assessee's wife from the firm should be included in the assessee's total income under Section 64(1)(i) of the IT Act. The Tribunal emphasized that 'income' in Section 64(1)(i) should be interpreted to include both profits and losses. Additionally, the Tribunal stated that the net interest income derived by the assessee's wife should be considered after adjusting against the share of loss from the firm. Consequently, the appeal succeeded, and the Tribunal's decision favored the assessee's position that both positive and negative income should be accounted for in the computation of taxable income. en-us Mon, 29 May 1978 00:00:00 +0530 Sat, 12 Mar 2011 14:05:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67696 The Tribunal held that the share of loss of the assessee's wife from the firm should be included in the assessee's total income under Section 64(1)(i) of the IT Act. The Tribunal emphasized that 'income' in Section 64(1)(i) should be interpreted to include both profits and losses. Additionally, the Tribunal stated that the net interest income derived by the assessee's wife should be considered after adjusting against the share of loss from the firm. Consequently, the appeal succeeded, and the Tribunal's decision favored the assessee's position that both positive and negative income should be accounted for in the computation of taxable income. Case-Laws Income Tax Mon, 29 May 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67696