Assessee conducted bottling and marketing using concentrate procured under a Licensing Agreement dated 1-10-1994 with Coca Cola.Under that arrangement, as recorded in the assessment order and appellate findings, assessee procured concentrate and undertook bottling, marketing and sales at its own risk and cost through its own network.Subsequently, it transferred its entire undertaking as a going concern for about Rs. 56.23 crores, including non-compete obligations and termination of existing arrangements. In assessment, the Assessing Officer examined whether any part of the consideration was taxable as revenue receipt under Section 28(ii) as compensation on termination/modification of an agency. Commissioner (Appeals) held that Section 28(ii) did not apply as the transaction was not rooted in an agency relationship. Tribunal concurred that the Licensing Agreement was on a principal-to-principal basis and held that consideration would not fall within Section 28(ii)(c).On appeal the Court held that since there was concurrent finding by Commissioner (Appeals) as also by Tribunal that assessee sold business as a going concern on a lump-sum basis without any individual values to various assets and said finding arrived by two authorities were based on cogent appreciation of material on record, there was nothing substantial which could be brought in by revenue for High Court to hold that finding arrived at by Tribunal as also by Commissioner (Appeals) to be perverse or contrary to law.(AY. 1998-99)