COMMISSIONER OF INCOME TAX Vs. ASHIMA SINHA

JUDGEMENT

(1.) The proceedings which have culminated in this appeal and the facts relevant thereto are as follows: Smt. Ashima Sinha, the respondent herein, sold premises Nos. 74A, 74B and 74C, Elliot Road, Calcutta-16 (hereinafter referred to as the said property), in equal undivided share to Mst. Sayeeda Khatun and Mst. Fatima Khatun by executing two separate conveyances both dated 10th December, 1973, for Rs. 40,000 each.

(2.) Statements under Section 269P(1) of the I.T. Act, 1961, in the prescribed form and verified in the prescribed manner were duly filed by the transferees along with a copy of the instrument of transfer disclosing the following particulars;

(3.) By his communication in writing dated the 13th June, 1974, the IAC, Acquisition Range-I, Calcutta, a competent authority within the meaning of Section 269B of the I.T. Act, 1961, made a reference to the Assistant Valuation Officer, Unit No. III, under Section 269L(1) requiring the latter to determine the fair market value of the said property and make a report.