Bombay High Court Allows Writ Petition in Income Tax Case - Capital Gains Arising from Escrow Amount Taxable in Year of Receipt, Not in Year of Transfer. The court held that the right to receive the escrow amount was contingent on indemnity claims, and therefore, the income accrued only in the year when the contingency was resolved and the amount was actually received, not in the year of share transfer.
8 Apr 2022The petitioner, Dinesh Vazirani, an individual resident of India, along with other promoters, held shares in WMI Cranes Ltd. They entered into a Share...
