Section 4(2)(b) in The West Bengal Alienation Of Land (Temporary Provisions) Act, 1954.
(b)in the case where such land has been alienated by the transferee before such date by means of a bona fide lease for valuable for valuable consideration or a usufructuary mortgage, to the transferee and the person in possession of such land as a result of such alienation in such proportion and in such manner as may be determined by the Collector and specified in the order; and