An Amount cannot not be excluded from Considerations merely for retention in Escrow account

Caborandum Universal Limited Vs ACIT (Madras High Court) On facts, when we examine the Business Sale Agreement, it is not disputed by the parties that the full and final consideration is Rs.325,000,000/- after having agreed upon the full and final consideration, the parties agreed to retain a particular amount of money in an Escrow account which cannot be construed to take away the case of the assessee from the expression ‘accrued’ occurring in Section 48 of the Act. Therefore, the above decisions relied on by the revenue will clearly explain that the conduct of the assessee and th...