JUDGMENT :

R.C. Mankad, J.

The Income-tax Appellate Tribunal ("Tribunal" for short), has referred to us for our opinion the following questions under section 256(1) of the Income-tax Act, 1961 :

"(1) Whether, on the facts and in the circumstances of the case, the amount of Rs. 66,066 received by the assessee-firm during the S.Y. 2027 (previous year relevant to assessment year 1972-73) is includible in the assessment for the assessment year 1973-74 ?

(2) Whether, on the facts and in the circumstances of the case, the conclusion of the Income-tax Appellate Tribunal that the receipt of Rs. 66,066 became taxable as business income of the assessee-firm for the assessment year 1972-73 and that the said amount was not again includible in the assessee's total income for the assessment year 1973-74, in question is correct in law and sustainable from the material on record ?"

2. The assessment year under reference is 1973-74, the previous year being S.Y. 2028 which commenced on October 20, 1971, and ended on November 6, 1972. The assessee is a registered partnership firm consisting of 10 partners. It is a dealer in land and it was constituted under a deed of partnership dated May 25, 1971. Clause