1985 (8) TMI 5 - SUPREME COURT

Assessee firm was constituted by the wife with a third person, and children were admitted to the profits of the firm - The share income of the wife and minor children included in the assessee's total income under s. 16(3) of the Act should be regarded as business income derived from business carried on by the assessee and, in that view of the matter, the assessee is entitled to set off his loss carried forward from the previous years.