Renting out property on day-to-day basis treated as business income

Rajesh Kumar Jaiswal Vs DC/ACIT(CNTRL) Income Tax Department (ITAT Allahabad) ITAT Allahabad held that renting out of property on day-to-day basis and providing certain facilities to those who would be taking premises on rent seems to be an organized activity of composite nature. Hence, income from the same is treated as business income. Facts- During the course of assessment, AO observed that the assessee had disclosed rental receipts of Rs.37,48,000/- from three house properties and after deducting house tax and claiming deduction under 24(a), a net income of Rs. 25,86,697/- had been disclos...