https://www.taxtmi.com/caselaws?id=69058 The Tribunal dismissed the appeal, ruling that the liability to pay liquidated damages arose on the date of the compromise, not the initial judgment date. The Tribunal held that the liability was not on revenue account, disallowing the revenue deduction claimed by the assessee. Partners' appeals were also dismissed as partners cannot appeal on firm assessment matters, especially when the firm's appeal had already been dismissed. The Assessing Officer was directed to assess the liability in the relevant assessment year based on the compromise date. en-us Tue, 30 Jun 1992 00:00:00 +0530 Mon, 04 Apr 2011 18:03:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69058 The Tribunal dismissed the appeal, ruling that the liability to pay liquidated damages arose on the date of the compromise, not the initial judgment date. The Tribunal held that the liability was not on revenue account, disallowing the revenue deduction claimed by the assessee. Partners' appeals were also dismissed as partners cannot appeal on firm assessment matters, especially when the firm's appeal had already been dismissed. The Assessing Officer was directed to assess the liability in the relevant assessment year based on the compromise date. Case-Laws Income Tax Tue, 30 Jun 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69058