Simple answer: There is no physical basis, it's style
Pedantic answer: Unless the light source has different colors on different sides
Complex answer: Kind of. Even a linear color fade (from reality) can turn non-linear (and therefore induce color effects) when pushed through a color grading pipeline. So if you count e.g. film emulation as a "physical effect", then yes.
Pedantic answer: Unless the light source has different colors on different sides
Complex answer: Kind of. Even a linear color fade (from reality) can turn non-linear (and therefore induce color effects) when pushed through a color grading pipeline. So if you count e.g. film emulation as a "physical effect", then yes.