Circular No. 20 of 1944 is withdrawn with immediate effect.

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....t. It was stated in the above circular that where the wife or minor child of an individual incurs a loss, which if it were income would be includible in the income of that individual u/s. 16(3) of the I.T. Act, 1922 such loss should be set-off against the income of the individual u/s. 24(1), and if not wholly set-off should be carried forward u/s. 24(2). 2. The Gujarat High Court has held in the ....