Sankar Prasad Mitra, J. - (1.) In 1941 the assessee's wife entered into a contract with the Hindusthan Co-operative Insurance Society for purchase of a plot of land in New Alipore. She made a deposit of Rs. 2,000 in part payment of the price of the land which was obtained by raising a loan against the assessee's insurance policy. Before the land could be purchased, however, the Government requisitioned it. In or about June, 1950, the land was de-requisitioned. Thereafter, it was sold and a sum of Rs. 20,081 came to the assessee's wife's share.
(2.) With Rs. 20,000 out of the aforesaid amount and with loan taken from insurance companies against the assessee's insurance policies and with a further small sum given by the assessee, a plot of land on Gariahat Road was purchased on November 28, 1950, from the Government of West Bengal for the sum of Rs. 29,292.
(3.) A building was constructed on the land at a cost of approximately Rs. 57,500. This construction was financed by the assessee by withdrawals from his provident fund and the proceeds of his insurance policies. The construction was started in or about April, 1955. The ground floor was completed by the end of 1955 and the first and second floors by July, 1957.;