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Portion of money retained in Escrow account to be taken into consideration for computing capital gains: HC

September 8, 2021[2021] 130 133 (Madras)

INCOME TAX : Where Business Sale Agreement was entered into between assessee and purchaser for selling of right, title and interest in the business carried out by assessee for a lump sum consideration and after having agreed upon full and final consideration, parties agreed to retain a particular amount of money in an Escrow account, since possession of asset was handed over to assessee and entire amount has been received by assessee without any deductions, conduct of assessee and purchaser in retaining a particular amount of money in Escrow account cannot take away said amount from purview of full consideration received/accruing in favour of assessee for purpose of computation of capital gains under section 48 and portion of sale consideration retained in Escrow account should be taken into account for purpose of computation of capital gains

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