“Section 16(10)”

The Supreme Court holds that for income tax purposes, the term 'income' includes 'loss,' allowing for the set-off of a spouse's or minor child's business losses when their income is clubbed with the assessee. This decision emphasizes interpreting tax statutes, especially benevolent provisions, by considering the legislative scheme over a strict literal construction.

A charitable trust can claim depreciation on assets when computing the income applied for charitable or religious purposes under Section 11 of the Income Tax Act, for assessment years prior to the introduction of Section 11(6). The restriction on claiming depreciation, as introduced by Section 11(6), is prospective from AY 2015-16.

Interest received by an assessee under Section 28 of the Land Acquisition Act is not taxable.

The share income of a partner, even if not forming part of their total income, is to be considered in determining the rate of income tax payable by the partner.

Remission of a liability in a subsequent assessment year, for which a deduction was obtained in an earlier year, cannot be taxed as income if the assessee maintains accounts on the mercantile system.