Income Tax Tribunal Reclassifies Property Rental as Business Income, Upholds Penalties for Undisclosed Investments Under Sections 24(a), 69B, and 115BBE

ITAT ruled on multiple taxation issues involving property rental and undisclosed investments. The tribunal determined that the assessee's property rental activities constituted a business income rather than house property income, thereby disallowing deductions under section 24(a). The tribunal upheld the Assessing Officer's treatment of unrecorded property investments under section 69B and section 115BBE, rejecting the assessee's explanations as insufficient. The tribunal found the assessee's conduct indicated an intention to conceal income. Regarding section 68 charges, the matter was restored to the AO with directions to verify creditor payment evidence. Ultimately, the assessee's appeal was partly allowed, with key taxation treatments confirmed and limited relief granted. .....

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