The assessee-firm stopped production in its undertaking and entered into a contract packing agreement in terms of which the assessee agreed to sell its business assets relating to the bottling business at Ganga Nagar.  Tribunal held that the sale of business assets was not an itemised sale and therefore, was not exigible to tax, that the transaction was a slump sale and not an itemised sale and that the assets of goodwill and know-how were transferred and the cost of acquisition of these could not be ascertained.Dismissing the appeal the Court held that t when the agreement was entered into between the parties, the parties had recorded the total assets and no individual asset was required to be given in the memorandum of understanding by the independent party that the party was running the unit along with only the property and not any other liability. Therefore, the individual valuation which had been put forth in pursuance to the letter of the Assessing Officer on the basis of book value in the list of individual items was not established but taking into consideration the agreement between the parties the second value which had been rightly pointed out was for the purchaser for the purpose of arriving at a price of assets. The Tribunal had not committed any error in holding that the sale of business assets was a slump sale and not an itemised sale and that the assets of goodwill and know-how were transferred and the cost of acquisition of these could not be ascertained.