( 1 ) THE assessee is an engineering concern undertaking structural steel work, manufacture of railway wagons, etc. By an agreement dated April 13, 1961, described as a "lease deed" between the assessee-company as "lessee" and the Angus Company Ltd. as "lessor", the assessee was permitted to take over the Angus Works for the purpose of running it as a heavy engineering workshop. The lease is for a period of 99 years. Under the terms of the agreement, the assessee was required to pay the lessor a sura of Rs. 4 lakhs per annum for 99 years. It is necessary to set out the said agreement in its entirety as the question involved in the present case turns on a true construction of the said document. The said document reads ; "this LEASE is made the Thirteenth day of April One thousand nine hundred and sixty-one BETWEEN THE ANGUS COMPANY LIMITED, a company with limited liability incorporated under the Indian Companies Act, 1913, whose registered office is situate at 3, Clive Row, Calcutta (hereinafter called "the Lessor" which expression shall where the context so admits include the person or persons for the time being entitled to the reversion immediately expectant upon th