JUDGMENT

 This is an appeal from a judgment of the Calcutta High Court in a matter under the Income-tax Act. The judgment of the High Court is reported as A.Gasper v. Commr of Income-tax, (1979) 11 7 ITR 581.

2. The assessee was a tenant in a premises in 240E, Acharya Jagdish Chandra Bose Road, Calcutta. He was a monthly tenant in the property since 1940 under certain earlier landlords. On 27-3-1967, the landlords entered into an agreement for leasing out the property to Associated Battery Makers (Eastern) Limited permitting them to construct a building on the said premises. The assessee was also a party to the said agreement. As part of the agreement, the assessee received a sum of Rs. 4,50,000/ -in consideration of which he permitted the new lessees to put up the construction. He transferred his tenancy rights to Associated Batteries and became a licencee in respect of the premises under Associated Batteries. The sum of Rupees 4,50,000/ - was received in two instalments of Rs. 2,25,000/ - each, the first on 15-3-1967 and the second on 25-5-1967.

3. For the assessment year 1967-68, for which the previous year ended on 31-3-1967, the Income-tax Officer treated the sum of Rs. 2,25,000