https://www.taxtmi.com/caselaws?id=28775 The High Court of Madhya Pradesh ruled in a case concerning the treatment of a loss incurred by the wife of the assessee in a partnership firm where the assessee is also a partner. The Court held that the wife's loss should be considered as the loss of the assessee and allowed to be set off against his income. The Court aligned with the interpretation that includes loss within the definition of income for the purpose of section 64 of the Income-tax Act, 1961, based on legislative clarification and the principle of construing tax laws favorably to the taxpayer. en-us Wed, 21 Apr 1982 00:00:00 +0530 Thu, 25 Feb 2010 15:43:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28775 The High Court of Madhya Pradesh ruled in a case concerning the treatment of a loss incurred by the wife of the assessee in a partnership firm where the assessee is also a partner. The Court held that the wife's loss should be considered as the loss of the assessee and allowed to be set off against his income. The Court aligned with the interpretation that includes loss within the definition of income for the purpose of section 64 of the Income-tax Act, 1961, based on legislative clarification and the principle of construing tax laws favorably to the taxpayer. Case-Laws Income Tax Wed, 21 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28775