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I'm guessing here but it may be for a simple ratchet that only clicks one way, then you push the drive (pictured) through and flip the the ratchet to turn the other way. Handy for tight spots.
Very old snap on ratchets where like that. Like the first ones. I have one from an estate sale and it clicks only one way and you flip the die and put the socket on the other end for the reverse action.