No capital gain on unaccrued contingent deferred consideration

Brief of the Case Bombay High Court held In the case of CIT vs. Mrs. Hemal Raju Shete that as per agreement, the deferred consideration is payable over a period of four years and the formula prescribed in the agreement itself makes it clear that the deferred consideration to be received by the assessee in the four years would be dependent upon the profits made by M/s. Unisol in each of the years. Thus in case M/s. Unisol does not make net profit in terms of the formula for the year under consideration then no amount would be payable to the assessee as deferred consideration. The consideration ...