Judgement

SHELAT, J. :- This appeal by certificate obtained from the High Court at Bombay involves the question as to the true meaning of Section 154 of the Bombay Municipal Corporation AC, II of 1888 and the correct rateable value to be assessed thereunder.

2. The resident Club runs two race courses, one in Bombay and the other at Poona. We are concerned in this appeal with the Bombay race-course which is comprised of land and certain structures standing thereon. The said land is the property of the appellant-corporation given on lease to the C1ub for a period of 30 years commencing from June 1, 1944 at an annual rent of Rs. 3,75,000. The said structures thereon have been built by and belong to the Club. The Club has obtained a licence from the Government of Maharashtra permitting the Club to hold race-meetings at both the Courses and for which it paid a sum of Rs. 13 lacs for the relevant year. The Club distributed the said licence fees between the two Courses in the ratio of 2: l and thus share of the Bombay Course came to Rupees 8,66,666. The rating year in question is 1954-55. The assessment was made on the basis of the Club s accounts for the year 1953-54 that being the year co