D. K. SEN, C. K. BANERJEE, JJ.

( 1 ) THE proceedings which have culminated in this appeal and the facts relevant thereto are as follows: -

( 2 ) ASHIMA Sinha, the respondent herein, sold premises No. 74a, 75b and 74c, Elliot Road, Calcutta-16 (hereinafter referred to as the said property) in equal undivided shares to Mst. Sayeeda Khatun and Mst. Fatima Khatun by executing two separate conveyances both dated the 10th December, 1973 for Rs. 40,000/- each.

( 3 ) STATEMENTS under section 269p (1) of the Income-tax 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: - (a) The said property consisted of a partly two and partly three storeyed building together with one-storeyed out-houses in a total area of 6 Cottahs, 5 Chittacks and 25 sq. ft. (b) The buildings were approximately over 50 years old. (c) The entire premises were let out to tenants. (d) The fair market value of the undivided half part of the said property was approximately Rs. 35,000/ -.

( 4 ) BY his communication in writing dated the 13th June 1974, the Inspecting Assistant Commissio

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