Judgment

HEGDE, J.:- This is an appeal by certificate from the decision of the High Court of Punjab and Haryana in a Reference under Section 66 (1) of the Indian Income-tax Act, 1922 (to be hereinafter referred to as the Act). The question referred to the High Court for its opinion was:

"Whether on the facts and in the circumstances of the case, the receipt of Rs. 70,000/- by the assessee on 11-6-1954 was revenue or capital in nature."

2. The High Court held that the said receipt was capital receipt. Aggrieved by that decision the Commissioner of Income-tax came up in appeal to this Court.

3. We shall now refer to the material facts found by they Income-tax Appellate Tribunal as can be gathered from the case stated. The assessee was assessed as an individual. The relevant assessment year is 1955-56, the accounting period for the same ended on Asad Sudi 1, S. Y. 2011.

4. The assessee was instrumental in discovering the existence of Kankar deposits in Jind State. He also brought about an agreement between one Shanti Prasad Jain and the erstwhile state of Jind, now a part of Punjab State for the acquisition of sole and exclusive monopoly rights of manufacturing cement in the said Jind stat