Ramaswami, J.

1. These references are made by the Income tax Appellate Tribunal under Section 66, Income-tax Act.

2. The assessee Raja Nilkantha Narain Singh of Nowagarh is proprietor of a big zamindari within the ambit of which coal fields are situated. The predecessor of the assessee had leased out the coal fields on long terms basis to three different parties. The average annual income of royalty & rents from these lessees was about Rs. 50, 000 a year. The accounting year is 1352 Bengal Sambat which ends with the corresponding English date of 14-41946. In the accounting year the assessee had executed three documents termed "indenture of lease" in favour of Bengal Discount Co. Ltd. conveying his right to collect royalties & rents from these three lessees. In lieu of this the assessee was paid, an immediate amount of RS. 1,00,000, Rs. 40,000 & Rs. 60,000 for the three "indenture of lease". The annual rent reserved was Rs. 10, Rs. 5 & Rs. 5. In the first case the term of the lease was 11 years, in second case 10 years & in third case 15 years. It was stipulated that after the expiry of the period the right of the assessee wilt be revived in each case & the assessee would be