Judgment

SARKARIA, J.:- This appeal by certificate is directed against a judgment, dated December 6, 1968, of the Calcutta High Court. The relevant facts giving rise to this appeal are as follows:

On July 29, 1950, Tulsiram Shaw (since deceased) carrying on business under the name and style of "Tulsiram Bhagwandas" purchased certain specific goods for Rs. 35,100/- under Lot No. 32 in an auction held on July 27, 1950 at Panagarh by M/s. Egbart Andrews & Co. auctioneers, under instructions of the Government of India. The major item of these goods in Lot No. 32 comprised of 1540 pieces of "valves sluice water flanged and drilled to B. S. T. C. 4". The book value of this item was stated to be Rs. 88,454/- and that of the remaining goods Rupees 5,170/14/-. The reserved valuation at the auction sale was Rs. 35,000/-.

2-3. On August 26, 1950, Tulsiram Shaw sold those specific goods for a sum of Rs. 35,200/- to the partnership firm of Sitaram Srigopal. The latter paid the entire price in cash to the former. Tulsiram Shaw further promised to had over the release order of the goods and/or delivery order by August 28, 1950, to enable the firm to take delivery of those goods from Panagarh. Tulsir