( 1 ) THE Life Insurance Corporation of India was previously the owner of premises No. 4a, Pollock Street, Calcutta, which contained 17 cottahs, 10 chittaks and 30 square feet of land together with several structures standing on portions thereof. The LIC had issued advertisement inviting offers for purchase of the said premises on 30th December, 1974. The LIC had agreed to sell the said premises to B. K. Chirimar, who was the karta of a Hindu undivided family, or his nominee for Rs. 5,04,077 or Rs. 29,000 per cottah whichever was more subject to a marketable title being made out by the vendors. Thereafter, B. K. Chirimar had nominated petitioner No. 1 as the purchaser of the said premises under the aforesaid agreement. On July 30, 1973, the LIC executed a conveyance in favour of petitioner No. 1 transferring the said premises for a consideration of Rs. 5,12,333. 30.

( 2 ) ON 18th February, 1974, the IAC of Income-tax, Acquisition Range-I, as the Competent Authority issued a notice under Section 269d of the I. T. Act, 1961, initiating proceedings for the acquisition of the said premises No. 4a, Pollock Street. The said proceedings for the acquisition of th