1. In the above two tax cases, the common question referred to us for our opinion is as follows :
"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the amount received by the assessee on the termination of distributorship agreement is only a capital receipt and hence not includible in the assessee's total income ?"
The assessment years are 1986-87 and 1987-88, respectively.

2. The brief facts of the case are that the assessee is a non - industrial company and has been distributing on principal to principal basis, the products of three companies, viz., (1) Tube Investments of India Limited, (2) T. I. Miller Limited, and (3) T. I. Diamond Chain Ltd., from May 1, 1964, by means of a distribution agreement entered into between them. The dis