https://www.taxtmi.com/caselaws?id=66503 Damages claimed for breach of contract were not allowable as a deduction in the assessee's assessment year 1981-82 because the liability had not crystallised during that year. The assessee did not admit liability, the contract did not provide automatic quantification of damages for wholesale breach, and the dispute remained unresolved and subject to arbitration. On those facts, the claim was only a contingent liability and not an existing liability in praesenti, so the deduction was rightly disallowed. en-us Mon, 28 Sep 1987 00:00:00 +0530 Sat, 26 Feb 2011 12:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66503 Damages claimed for breach of contract were not allowable as a deduction in the assessee's assessment year 1981-82 because the liability had not crystallised during that year. The assessee did not admit liability, the contract did not provide automatic quantification of damages for wholesale breach, and the dispute remained unresolved and subject to arbitration. On those facts, the claim was only a contingent liability and not an existing liability in praesenti, so the deduction was rightly disallowed. Case-Laws Income Tax Mon, 28 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66503