AJIT K. SENGUPTA, J.

( 1 ) IN this application under Article 226 of the Constitution, the petitioners have challenged the valuation of the Valuation Officer, Unit III, made under Section 16a (5) of the Wealth-tax Act, 1957, in respect of the immovable property being premises No. 129, Park Street, Calcutta, for the assessment years 1977-78 to 1984-85.

( 2 ) SHORTLY stated, the facts are that, in the year 1955, the premises at No. 129, Park Street, Calcutta (hereinafter referred to as the "said premises"), was let out on lease for a period of 25 years to one Mr. P. A. Basil, since deceased, at a rent of Rs. 100 per month. The said Mr. Basil, since deceased, and/or his legal heirs did not vacate the said premises on the expiry of the lease. The petitioners filed a suit in the year 1980 in the City Civil Court at Calcutta for recovery of possession of the said premises. During the pendency of the said suit, Messrs. Susam Properties Pvt. Ltd. agreed to take the said premises on lease for a period of 75 years. By a deed of lease dated August 31, 1981, the petitioners granted lease of the said premises to Messrs. Susam Properties Pvt. Ltd. for a period of 75 years with an option for the

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