( 1 ) THIS reference under Section 2560) of the Income-tax Act, 1961 (hereinafter referred to as the Act) poses the following question for the opinion of this Court :

"whether on the facts and in the circumstances of the case and on a correct interpretation of the provisions of Section 2 (14), Section 45 and action 48 of the T. T. Act, 1961, the Tribunal was justified in holding that capital gains had arisen on the receipt of Rs. 30,000 on surrendering of tenancy rights of the first floor of premises 710, Ballimaran, Chandni Chowk, Delhi ?"

( 2 ) THE facts briefly are these. The assessment year under reference is 1966-67 of which the relevant previous year is the financial year ending March 31, 1966. The assessee is an individual and is engaged in profession as an advocate. He carried on his professional work till the accounting year relevant to the assessment year 1963-64 and thereafter the assesses carried on the same profession in. partnership with another advocate. The assessee took the premises at 710. Ballimaran, Chandni Chowk, Delhi on rent in 1947-48. During the relevant accounting year, the assessee surrendred the tenancy rights of the first floor of the sai