Transfer of assessee

Dear Friends,

My client has a business under his spouse's name. He also have a valid PAN card.  

Is it possible to change the name or transfer the business to his name retrospectively, say from AY 2010-11.

is this possible under the Income Tax Act.

If not, what can be suitable remedy for this. The client wants to apply for a Bank Loan.

Regards

Indranil