DIPAK KUMAR SEN, J.

( 1 ) THE facts and proceedings on record leading up to this appeal are, inter alia, that Champa Gouri Ajmera, Lilam Mohta and Savita Motani, the owners of an undivided 1/5th share of premises No. 15, Cossipore Road, Calcutta (hereinafter referred to as the said property), by a deed of conveyance executed and registered on September 7, 1977, conveyed the said property to Asha Devi Agarwal, the respondent herein, for a consideration of Rs. 90,000.

( 2 ) BY a notice dated May 8, 1978, issued under Section 269d (1) of the Income-tax Act, 1961, the competent authority under Section 269d of the said Act initiated proceedings for the acquisition of the said property. The said notice was printed in the Gazette of India on June 10, 1978. Copies of the said Gazette were received on July 25, 1978, and made available for sale to the public.

( 3 ) PRIOR to the issue of the said notice, a report had been submitted by the Valuation Officer, Unit VIII, Calcutta, recording that the fair market value of the said property had been determined by him at Rs. 7,65,543 and, accordingly, the fair market value of 1/5th share thereof was Rs. 1,53,108 which exceeded the declared consid

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