https://www.taxtmi.com/caselaws?id=62167 The Tribunal dismissed the appeal, affirming that the sum of Rs. 10,17,371 was not assessable as income for the assessment year. It was held that the agreement's terms adequately compensated for the liability owed by the assessee to Indian Tobacco Co., as the company received possession of a canning plant in exchange for relinquishing mutual claims. The late introduction of the argument under s. 28(iv) by the revenue was rejected due to lack of evidence on consideration adequacy, and no prior indication of inadequacy in the assessment process. en-us Sat, 17 Apr 1982 00:00:00 +0530 Tue, 18 Jan 2011 13:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62167 The Tribunal dismissed the appeal, affirming that the sum of Rs. 10,17,371 was not assessable as income for the assessment year. It was held that the agreement's terms adequately compensated for the liability owed by the assessee to Indian Tobacco Co., as the company received possession of a canning plant in exchange for relinquishing mutual claims. The late introduction of the argument under s. 28(iv) by the revenue was rejected due to lack of evidence on consideration adequacy, and no prior indication of inadequacy in the assessment process. Case-Laws Income Tax Sat, 17 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62167