JUDGMENT :

K.R. SHRIRAM, J.

1. In this appeal filed under Section 260A of the Income Tax Act, 1961 (the Act) appellant is impugning an order dated 2nd April 2018 passed by the Income Tax Appellate Tribunal (the Tribunal). By the impugned order, the Tribunal upheld the validity of the reassessment proceedings and also upheld the assessment of a sum of Rs. 28 Crores receivable by appellant pursuant to an arbitration award as in the nature of income. The appeal pertains to Assessment Year 2010-2011.

2. In the previous year relevant to Assessment Year 2010-2011, i.e. on 17th September 2009, consent terms were reached between appellant, her brother and other members of the family, pursuant to which, the disputes between them have been settled. Consequent thereto, an arbitration award dated 25th September 2009 came to be passed in terms of the consent terms. Pursuant thereto, appellant became entitled to receive an amount of Rs. 28 Crores in full and final settlement of all disputes and claims raised by her against her brother and the other family members and/or P.N. Writer & Co. and/or any claims in respect of the bequest made under the Will dated 16th September 1990 of her late father Mr.