https://www.taxtmi.com/caselaws?id=770085 ITAT Allahabad held that daily rental of rooms constitutes business income rather than house property income due to the organized composite nature of services provided to short-term occupants. The tribunal upheld disallowance of section 24(a) deductions but allowed depreciation on buildings as business assets. Regarding unrecorded property investment, the tribunal confirmed application of sections 69 and 115BBE, ruling that mere explanation of income head without specific source and timing details was insufficient. The matter concerning section 68 addition was remanded to AO for verification of creditor repayments. Appeal partly allowed. en-us Fri, 02 May 2025 00:00:00 +0530 Tue, 06 May 2025 09:58:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770085 ITAT Allahabad held that daily rental of rooms constitutes business income rather than house property income due to the organized composite nature of services provided to short-term occupants. The tribunal upheld disallowance of section 24(a) deductions but allowed depreciation on buildings as business assets. Regarding unrecorded property investment, the tribunal confirmed application of sections 69 and 115BBE, ruling that mere explanation of income head without specific source and timing details was insufficient. The matter concerning section 68 addition was remanded to AO for verification of creditor repayments. Appeal partly allowed. Case-Laws Income Tax Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770085