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That is the access/sight cover for the trans that keeps dirt and debris out of the bellhousing. It looks as though as Big said, you might have a pump seal going bad in the front of the trans. Mine leaked in there when my previous torque converter went bad. Also when my engine rear main went bad, it leaked from in there also. Good luck..
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TSP STAGE 3 CAM,231/246 @112 LSA 614/641 LIFT, CIRCLE D 5C-4200-4500 CONVERTER,LOD INTAKE.CORSA EXHAUST. DSS 1 PC DS. PEGASUS SOLID CRADLE MOUNTS. 486RWHP/475RWTQ.LOTS MORE.
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