1982 (4) TMI 132

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....., to the assessee from year to year against supplies made and to be made by the assessee of processed fish products. It would appear that the assessee has not been able to liquidate this liability by making good the supplies of the material and on 1st March, 1976 the Indian Tobacco Co. entered into an agreement with the assessee by which the assessee placed at the disposal of the Indian Tobacco Co., the canning plant and accessories that belonged to the assessee and which was used for the purpose of processing the fish products. Under the agreement, the assessee was to give possession of this plant to Indian Tobacco Co. and the company would remain in possession of the property for a period of 5 years from the date of agreement with an opt....

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....e, and therefore, it is properly assessable as the business income of the assessee. It is further pointed out that a similar waiver, also by the Indian Tobacco Co., has been assessed in the hands of another assessee in the reported case in CIT vs. Mysore Tobacco Co. Ltd. (1979) 10 CTR(Kar) 51: (1979) 119 ITR 87 (Kar). 3. On behalf of the assessee it is submitted that this is a new ground that has been taken by the revenue; that the revenue has all along been contending that this sum is assessable under s.41(1); that it has now argued that it becomes includible in the total income by virtue of s. 28(iv). It is submitted that the revenue may not be permitted to take up this ground. it is further contended that there cannot be a question of....