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of <h1>Rectification Allowed Under Section 154 to Include Interest from Fixed Deposits as Income from Other Sources</h1> <h3>Bharat Co-operative Thrift & Credit Society Ltd., Versus ITO, Ward-39 (1), New Delhi.</h3> Bharat Co-operative Thrift & Credit Society Ltd., Versus ITO, Ward-39 (1), New Delhi. - TMI The Appellate Tribunal addressed a Miscellaneous Application filed by the assessee concerning a typographical error in its earlier order dated 25.06.2020 for A.Y. 2014-15. The error involved the omission of 'fixed deposit' in the directive to the Assessing Officer (AO) regarding the treatment of interest income. The Tribunal clarified that the interest earned on both saving bank accounts and fixed deposits should be treated as 'income from other sources.' Citing Section 254(2) of the Income Tax Act, the Tribunal held that such a typographical mistake is rectifiable. Consequently, the corrected finding in Paragraph 7 of the original order reads: 'Therefore, interest on saving bank account and fixed deposit should be taxed under the head income from other sources.' The Miscellaneous Application was allowed, and the error was formally rectified.
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