https://www.taxtmi.com/caselaws?id=23691 The High Court upheld the Tribunal's decision that the liability to pay compensation arises upon the passing of the award by the arbitrator, not at the time of breach. The Court directed further evaluation of the claim for weighted deduction under section 35B in light of a circular, declining to answer the Tribunal's question directly but instructing reconsideration based on the circular. This judgment clarifies the timing of liability for compensation/damages and eligibility for weighted deduction, offering insights into contractual obligations and tax deductions in international business transactions. en-us Fri, 03 Feb 1989 00:00:00 +0530 Wed, 23 Dec 2009 12:18:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23691 The High Court upheld the Tribunal's decision that the liability to pay compensation arises upon the passing of the award by the arbitrator, not at the time of breach. The Court directed further evaluation of the claim for weighted deduction under section 35B in light of a circular, declining to answer the Tribunal's question directly but instructing reconsideration based on the circular. This judgment clarifies the timing of liability for compensation/damages and eligibility for weighted deduction, offering insights into contractual obligations and tax deductions in international business transactions. Case-Laws Income Tax Fri, 03 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23691