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2024 (4) TMI 1266 - AT - Income TaxRectification application - typographical error on characterization of interest income - Tribunal 2020 (6) TMI 630 - ITAT DELHI concluded by holding Therefore interest on saving bank account of the members is the business income and cannot be termed as income from other sources . Tribunal in its order was of the opinion that the interest income of the assessee is out of business activities and held to be assessed under the head business income. While deciding the miscellaneous application the Tribunal inadvertently typed interest on saving bank account instead of bank interest. HELD THAT - We are of the considered view that a serious typographical error has crept which needs rectification. The finding of the Tribunal has to be read as under - Therefore interest on saving bank account and fixed deposit should be taxed under the head profit and gains of business or profession Accordingly the error has rectified. In the result the miscellaneous application filed by the assessee is allowed.
The Appellate Tribunal (ITAT Delhi) addressed a miscellaneous application filed by the assessee concerning ITA No.4104/Del/2018 for A.Y.2014-15. The assessee contended that the Tribunal's earlier order contained a typographical error regarding the characterization of interest income. The Tribunal had originally held: "Therefore, interest on saving bank account of the members is the business income and cannot be termed as income from other sources." However, the Tribunal acknowledged the error, clarifying that the correct finding should read: "Therefore, interest on saving bank account and fixed deposit should be taxed under the head profit and gains of business or profession." The Tribunal emphasized that this rectification addresses a serious typographical mistake and allowed the miscellaneous application accordingly. It further noted that this correction is made under exceptional circumstances and "would not be cited as a precedence in any other case." The order was pronounced on 05.04.2024.
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