Help Identify this Craftsman Metal Case

[NotOrganized]

I ran across this while cleaning out family storage. It's got this funky arm that extends to present a tool or something. Can anyone tell me what it was actually used for?

 

[jakemac]

Not sure, but I think that's a drill case.

 

[BFBOB]

Not sure, but I've heard crowntop logo + chrome V = $$$

 

[Rileysan]

Definitely not junk! It's almost certainly a power tool case, but what tool was originally in it, I can't say. Very cool!