https://www.taxtmi.com/caselaws?id=38917 Income included in an assessee's total income under the clubbing provision does not become the assessee's own income for all purposes. The Madras HC noted that the wife's share income, though taxable in the husband's hands under section 16(3)(a)(i) of the Indian Income-tax Act, 1922, retained its character as the wife's income. As a result, section 24(2)(ii) allowed carried-forward business loss to be set off only against profits and gains of a business carried on by the assessee himself. The assessee could not use his unabsorbed proprietary business loss against the clubbed share income. en-us Tue, 02 Dec 1975 00:00:00 +0530 Sat, 10 Apr 2010 13:16:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38917 Income included in an assessee's total income under the clubbing provision does not become the assessee's own income for all purposes. The Madras HC noted that the wife's share income, though taxable in the husband's hands under section 16(3)(a)(i) of the Indian Income-tax Act, 1922, retained its character as the wife's income. As a result, section 24(2)(ii) allowed carried-forward business loss to be set off only against profits and gains of a business carried on by the assessee himself. The assessee could not use his unabsorbed proprietary business loss against the clubbed share income. Case-Laws Income Tax Tue, 02 Dec 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38917