Long shot, but it could be a strap to fit the Indian Powerplus gearbox intermediate case. They were used after 1920 and had a kickstart mechanism internal to the gearbox They sometimes split and a strap was added tp keep it operational, like the one above. Nev
It's not a factory square four bit that I'm aware of so another long shot;
Golf bag holder?
Maybe a bracket for an air filter? My Mk 1 uses a round aftermarket Oilbath filter.
It's the same basic shape as the base of a WLA rifle carrier - I don't know much about W/NG's?
See pics;
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'51,'56 Squares, '48 VH, '27 Model C, R67/2, Mk IV Le Mans, '06 Super Duke and Ariel projects.