https://www.taxtmi.com/caselaws?id=58630 Damages arising from admitted breach of export contracts were deductible in the year the foreign arbitral award quantified and crystallised the liability. The requirement of Reserve Bank of India permission for remittance affected only the mode of payment and did not defer accrual of the debt. Because the award had legal existence during the relevant accounting year and there was no material to show a colourable device, the disallowance was unsustainable and the assessee was entitled to deduction in that assessment year. en-us Wed, 23 Oct 1991 00:00:00 +0530 Tue, 21 Dec 2010 12:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58630 Damages arising from admitted breach of export contracts were deductible in the year the foreign arbitral award quantified and crystallised the liability. The requirement of Reserve Bank of India permission for remittance affected only the mode of payment and did not defer accrual of the debt. Because the award had legal existence during the relevant accounting year and there was no material to show a colourable device, the disallowance was unsustainable and the assessee was entitled to deduction in that assessment year. Case-Laws Income Tax Wed, 23 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58630