AO not justified in not allowing standard deduction from annual letting value

Chand N. Bhojwani Vs DCIT (ITAT Mumbai) AO was bound to compute the tax payable by the assessee on the income computed by him even if it was at a lesser figure than the income returned by the assessee. AO was unjustified in not giving full effect to the assessee on having himself assessed such income under the head ‘Income from house property’ from letting out of flats. FULL TEXT OF THE ITAT JUDGMENT This appeal, filed by the assessee, being ITA No. 7391/Mum/2016 , is directed against appellate order dated 28.09.2016 passed by learned Commissioner of Income Tax (Appeals)-39, Mumbai...