https://www.taxtmi.com/caselaws?id=5296 Section 64(1)(i) of the Income-tax Act, 1961 treats the spouse's share of loss from a firm, when clubbed in the assessee's hands, as part of the assessee's own business result. The construction follows the settled view that, for this provision, "income" includes loss as well as profit, so the artificial liability created by the section extends to set-off and carry forward of loss. The later 1979 Explanation is treated as confirming that meaning. The practical effect is that the assessee may carry forward both his own loss and the wife's share of loss. en-us Thu, 26 Oct 1989 00:00:00 +0530 Sat, 22 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5296 Section 64(1)(i) of the Income-tax Act, 1961 treats the spouse's share of loss from a firm, when clubbed in the assessee's hands, as part of the assessee's own business result. The construction follows the settled view that, for this provision, "income" includes loss as well as profit, so the artificial liability created by the section extends to set-off and carry forward of loss. The later 1979 Explanation is treated as confirming that meaning. The practical effect is that the assessee may carry forward both his own loss and the wife's share of loss. Case-Laws Income Tax Thu, 26 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5296