COMMISSIONER OF Income Tax, Calcutta vs BIJOY KUMAR ALMAL

The Supreme Court ruled that under Section 23(2) of the Income-tax Act, 1961, the statutory allowance for house property should be allowed separately for each co-owner when computing income from house property. The Court clarified that this principle applies to the assessment year 1962-63, and disputes regarding this provision would not arise post the amendment in 1976. The judgment of the Calcutta High Court was upheld, favoring the assessee's interpretation of the statute.