It is the blanking plug for when you don't have the tell tale. The tapped hole was carried on till sometime post war with the blanking plug fitted. Ron
As Ron says, post war replacement crankcases don't have the machining done for the blanking plug...
I think that would apply to any crankcases supplied as spares after the 1947 models, when production of girder fork M20s ended.
From that point onwards the crankcases were modified to move the crankcase breather and earlier type crankcases were then only supplied for WD use or as replacement spares for 46/47 civvy bikes...
A bit of a give away to the serious M20 rivet counter when looking at a machine presented to wartime specifications...
I bought a new set of post war crankcases and remachined them to turn them back into a wartime specification (The lack of the tapped hole was the only difference I have noticed)...Ian