1987 (1) TMI 161

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....volves 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 the cross objections the assessee contentio....

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....id 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 does not own any commercial flat and is not enti....