Slump sale consideration kept in Escrow a/c taxable in year of receipt as it was subject to fulfilment of condition

INCOME TAX : Where during previous year assessee had sold its marketing division by way of slump sale but in computation of income assessee had shown part of capital gain and remaining was kept in Escrow account, and assessee explained that balance would accrue to assessee in five equal yearly instalments on fulfilment of certain obligation, but Assessing Officer brought entire amount including that kept in Escrow Account to tax as income of assessee for assessment year under consideration, AsseINCOME TAX : Where during previous year assessee had sold its marketing division by way of slump sale but in computation of income assessee had shown part of capital gain and remaining was kept in Escrow account, and assessee explained that balance would accrue to assessee in five equal yearly instalments on fulfilment of certain obligation, but Assessing Officer brought entire amount including that kept in Escrow Account to tax as income of assessee for assessment year under consideration, Assewww.taxmann.com Latest Case LawsRead More

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