( 1 ) IN this reference under Section 66 of the Indian Income-tax Act, 1922, the following question of law has been referred to this court:"whether, on the facts and in the circumstances of the case, the extra amount of compensation amounting to Rs. 7,24,914 was income arising or accruing to the assessee during the previous year relevant to the assessment year 1956-57?"

( 2 ) THE facts material for the purpose of this reference have been fully set out in the statement of the case and may be briefly noticed. The assessee is a limited company dealing in land. Certain plots of land measuring more or less 19. 17 acres, equivalent to about 57 bighas 19 cott. , in the village Kankulia, P. S. Tollygunge, District 24-Parganas, which belonged to the assessee were requisitioned by the Government of West Bengal by an order dated 21st June, 1967 (sic) under the provisions of Rule 75a (1) of the Defence of India Rules read with Section 19 of the Defence of India Act. Thereafter, the State Government acquired the land permanently in exercise of the powers conferred on it by Section 5 of the Requisition of Land (Continuance of Powers) Act, 1947. The notice of acquisition dated the