MAHAJAN, J.

1. This is an application under section 66 (2) of the Income-tax Act by the Commissioner of Income-tax asking this court to issue a mandamus to the Income-tax Tribunal directing it to state the following question of law for the decision of this court :

"Whether on the facts and in the circumstances of the case the sum of Rs. 94,253 or any part of it accrued or arose or could be deemed to accrue or arise or was received or could be deemed to be received by the assessee as income, profits and gains during the previous year."

2. The facts of this case are not in dispute. The assessee company entered into a contract for forward sale of 79 teeps of mustard on February 5, 1952, with a private chamber of commerce, namely, the Bharat Co. Ltd. at the rate of Rs. 27-8-0 per maund. The due date was June 7, 1952. On February 28, 1952, the assessee company sent a telegram to the chamber to the effect that if the chamber did not inform it within four hours of the receipt of the telegram about the acceptance of the settlement of the bargain at the rate of Rs. 16-14-6 per maund, it would presume that the chamber had accepted the settlement of the assessees outstanding bargain a