WEALTH-TAX OFFICER Vs. CHAMPALAL SARAOGI
HIGH COURT OF CALCUTTA
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(1.) The present appeal is by the revenue whereas the cross-objection is by the assessee. Both are being disposed of by a combined order for the sake of convenience.
(2.) The assessee is a HUF. Its valuation date for the assessment year 1975-76 was 31-3-1975. It owned a property known as 4, Mukhram Kanoria Road, Howrah. It was alleged to have been partitioned amongst the following coparceners with effect from 4-8-1974 by an agreement dated 3-2-1975 :
Shri Champalal Saraogi
Smt. Bhagwati Debi Saraogi
Shri Mahendra Kumar Saraogi
Shri Surendra Kumar Saraogi
Shri Indra Kumar Saraogi
Shri Debendra Kumar Saraogi
Shri Chandra Kumar Saraogi Trust.
Admittedly, the said property was not divided by metres and bound between the various coparceners on the date of partition.
(3.) Subsequent to the said partition, two-fifths of the said property and the lands appurtenant thereto were acquired by the Government and Rs. 1,31,658 appeared to have been given for this portion by way of compensation by cheques to the various coparceners as per details given in the paper book in the form of extract from the cash book for 3-4-1975.;
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