Dipak Kumar Sen, J. - (1.) The Ondal Investments Co. Ltd., the assessee, has initiated the above reference No. 10 of 1971. The other reference No. 19 of 1971 is at the instance of the CIT, West Bengal-II, Calcutta. In these references this court has directed the Tribunal to draw up a case under Section 256(2) of the I. T. Act, 1961, and refer the following questions : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in treating the sum of Rs. 1,47,090 or any portion thereof as the income of the assessee ?
(2.) Whether there is any evidence for the Tribunal to come to the conclusion that Sonepur Coalfields Ltd. was in possession of the coal mines and/or seams in the area referred to in the Tribunal's order ?
(3.) Whether, on the facts and in the circumstances of the case, and particularly in the face of the finding that re-entry into possession by the Ondal Coal Company Ltd. took place pursuant to their letter to Sonepur Coalfields Ltd., dated the 20th January, 1960, the Tribunal was justified in law in holding that the assessee was liable to be assessed during the relevant year on the income based upon the minimum royalty contemplated during the negotiations as also one year's interest at the rate of 12 per cent. on the unpaid amount for the earlier years?" Income-tax Reference No. 19 of 1971 : "(a) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that even though entry has been made in the books of account of the assessee for the accounting year 1961, crediting the amount of Rs. 1,47,090 as income from minimum royalty and interest thereon, it cannot be held that the whole of the amount represented assessable income for the year 1961 ? ' (b) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in holding that out of the sum of Rs. 1,47,090 only such sum as related to the accounting year based on the minimum royalty contemplated during negotiation and one year's interest should be brought tinder tax for the year, and not the whole of the sum of Rs. 1,47,090 which had been credited in that year as income of the assessee ? " 2. The admitted facts and/or facts found are as follows: The assessee, originally known as the Ondal Coal Co. Ltd., was the lessee of extensive lands in Mouzas : Sonepur, Nabagram, Hansdia and Jote Khankhan and was entitled to the mining and mineral rights therein, 3. During the year 1945-46, the assessee entered into negotiations with one Business Development Ltd. for sub-lease of mineral and mining rights in respect of coal in specified areas of the demised land.;