  Chevallier-Polarski-Linder (CPL) parametrization for the equation of state of
dark energy in terms of cosmic redshift or scale factor have been frequently
studied in the literature. In this study, we consider cosmic time based CPL
parametrization for the equation of state parameter of the effective cosmic
fluid that fills the fabric of spatially flat and homogeneous Robertson-Walker
spacetime in general relativity. The model exhibits two worthy features: (i) It
fits the observational data from the latest $H(z)$ and Union 2.1 SN Ia
compilations matching the success of $\Lambda$CDM model. (ii) It describes the
evolution of the Universe from the matter-dominated phase to the recent
accelerating phase similar to the $\Lambda$CDM model but leads to Big Rip end
of the Universe contrary to the everlasting de Sitter expansion in the
$\Lambda$CDM model. We investigate the matter and dark energy sources in the
model, in particular, behavior of the dynamical dark energy responsible for the
Big Rip end of Universe.
