9911796707
TMI Blog1987 (1) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... be answered in these two matters, they are being disposed of by a common judgment. The referred question, which is at the instance of the Revenue, reads thus: " Whether, on the facts and in the circumstances of the case, in determining the income of the minor child of the assessee by way of a share in the firm which is includible in the assessment of the assessee under section 64(ii), such inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ife and four minor children and the heirs of another deceased partner, Dwarkadas Daga, consisted of his wife and three minor children. The shares of the minors in the firm which were at a loss in the earlier assessment year were carried forward and set off to reduce the share of the minors in the income of the firm in the later assessment year by the Income-tax Appellate Tribunal, considering the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... partner and the minor children had been admitted to its benefits, which partnership was carried on with assets transferred by the assessee, could be set off against any loss brought forward by the assessee in respect of business carried on by the assessee. It was held that the profit or loss from a business of the wife or minor child included in the total income of the assessee should be treated a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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