https://www.taxtmi.com/caselaws?id=26416 Unliquidated damages for breach of contract do not create an enforceable debt until the amount is ascertained or admitted, even where accounts are kept on the mercantile basis. The compensation claim became quantified only when the arbitral award was made, and the right to receive the balance amount accrued on that date. Accordingly, the balance compensation was taxable in the year in which the award was made, and the issue was decided in favour of the Revenue. en-us Fri, 04 Jul 1986 00:00:00 +0530 Thu, 04 Feb 2010 18:20:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26416 Unliquidated damages for breach of contract do not create an enforceable debt until the amount is ascertained or admitted, even where accounts are kept on the mercantile basis. The compensation claim became quantified only when the arbitral award was made, and the right to receive the balance amount accrued on that date. Accordingly, the balance compensation was taxable in the year in which the award was made, and the issue was decided in favour of the Revenue. Case-Laws Income Tax Fri, 04 Jul 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26416