Judgment - Chagla, C.J.

1. The assessee before us is the Shamsher Printing Press which is a registered firm. The sssessment year we are concerned with is 1915-46, the relevant, accounting year corresponding to it being Samvat Year 2000. The business of the assessee consists of purchasing and selling paper, stationery, etc., and it also carries on business as manufacturers of books, exercise books, diaries, etc. The premises in which the assessee carries on this business were requisitioned by the Collector of Bombay by his order dated 11-9-1943, under Rule 75-A(i), Defence of India Rules. The assessee filed a claim before the requisitioning authorities claiming a sum of Rs. 8,10,300 as compensation. A sum of Rs. 93,103 was ultimately awarded for compensation to the assessee. The Income-tax Officer treated a sum of Rs. 61,129 out of this sum as a revenue receipt, and in this particular Reference we are only concerned with an item of Rs. 57,435, and the only question that we have to consider is whether this sum of Rs. 57,435 received by the assessee as compensation for the requisitioning of his premises constitutes a revenue or a capital receipt or in the alternative it is an income o

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