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Issues: (i) Whether the 16-day delay in filing the appeal deserved condonation. (ii) Whether the income arising from enhanced compensation and interest thereon required fresh determination in the assessee's hands, including apportionment of the receipt and consequential TDS credit.
Issue (i): Whether the 16-day delay in filing the appeal deserved condonation.
Analysis: The delay was supported by an affidavit and was found to have occurred for reasonable and sufficient cause.
Conclusion: The delay was condoned in favour of the assessee.
Issue (ii): Whether the income arising from enhanced compensation and interest thereon required fresh determination in the assessee's hands, including apportionment of the receipt and consequential TDS credit.
Analysis: The assessee asserted that the compensation and interest were receivable among seven legal heirs and that only the assessee's share could be assessed in its hands. The record before the first appellate authority did not contain this factual aspect, and the computation and TDS credit required verification on the basis of the relevant documents.
Conclusion: The matter was remanded to the Assessing Officer for fresh determination of the correct income and corresponding TDS credit in accordance with law.
Final Conclusion: The appeal resulted in partial relief to the assessee, with the delay condoned and the assessment issue sent back for fresh adjudication.
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