Sabyasachi Mukharji, J. - (1.) In this matter, as the assessee did not appear, we requested Mr. Sumit Chakrabortti, learned advocate of this court, to appear as amicus curiae and help us in answering the question.
(2.) He has appeared and made his submission. We express our gratitude for the assistance rendered by him.
(3.) This reference under Section 256(1) of the I.T. Act, 1961, poses for our consideration the following question : "Whether, on the facts and in the circumstances of the case and on a proper construction of the agreement of sub-leases, the Appellate Tribunal was justified in holding that the estimated value of the assessee's obligations to the landlord and sub-lessees should be allowed as a deduction in computing the income of the assessee-company from the business of sub-leasing in lands ?";