https://www.taxtmi.com/caselaws?id=59999 An arbitration award under the Arbitration Act, 1940 may be final and binding, but it is not immediately enforceable merely on being made. Enforceability arises only after the statutory process under Section 17 is completed, when the court considers any challenge, pronounces judgment according to the award, and a decree follows. Until notice of filing is given and the award is made a decree, the parties retain the right to object, so the liability remains contingent rather than an ascertained and enforceable obligation. On that basis, the claimed deduction was disallowed for income-tax purposes. en-us Tue, 26 Aug 1986 00:00:00 +0530 Mon, 03 Jan 2011 12:11:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59999 An arbitration award under the Arbitration Act, 1940 may be final and binding, but it is not immediately enforceable merely on being made. Enforceability arises only after the statutory process under Section 17 is completed, when the court considers any challenge, pronounces judgment according to the award, and a decree follows. Until notice of filing is given and the award is made a decree, the parties retain the right to object, so the liability remains contingent rather than an ascertained and enforceable obligation. On that basis, the claimed deduction was disallowed for income-tax purposes. Case-Laws Income Tax Tue, 26 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59999