Judgment-

Tuizapurkar, J.-

( 1 ) THESE appeals by special leave involve a common question regarding the taxability of certain amounts received by the appellant company (hereinafter referred to as "the assessee") during the three accounting years, namely, 1359 B. S. , 1360 B. S. and 1361 B. S. relevant to the assessment years 1953-54. 1954-55 and 1955-56 and the question is whether those amounts represented business income or receipts of a capital nature ?

( 2 ) THE facts giving rise to the question may briefly be stated: The assessee was incorporated on 3/07/1920 for the purpose of taking over the Zamindari properties pertaining to the Ukhara Estate which belonged to Rai Pullin Behari Singha Bahadur and the late Gosta Behari Lal Singha. Therefore, on incorporation, by an Indenture dated 5/07/1920 the assessee took a lease of the extensive Zamindari pertaining to the said Estate for a term of 999 years and also took an assignment of moveables, including government promissory notes and jewellery belonging to the members of the lessors family and the arrears of rents and cesses, debts, decrees, etc. due by the tenants of the said Estate, the properties passing to the assessee being speci