1987 (1) TMI 161

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....ofIndia. 2. The assessment years involves are 1984-85 and 1985-86 with respective valuation date being31st March 1985, Revenue's common grievance for both the years, reads as under: "On the facts and in the circumstances of the case the ld. AAC has erred in directing to allow the deductions under section 5(1) (iv) as the commercial flat is not registered in the name of the assessee." In t....

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....86) 124 ITR 888 (SC) the property cannot be said to be belonging to the assessee hence fair market value of the same cannot be included in the hands of the assessee and what is includible if the assessee deposit consideration paid for the same. The assessee at the same time is not eligible for any exemption/deduction under s. 5(1)(iv) of the Act in lieu of any commercial flat since the assessee do....