Composite rental income for letting out school building with infrastructure and amenities taxable under house property

Kanakia Gruhnirman Pvt Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that composite rental income received by letting out school building with infrastructure and amenities is taxable under the head ‘Income from House Property’ and not under ‘Income from income from other sources’ in view of section 56(2)(ii) of the Income Tax Act. Facts- During the year under consideration, the assessee has shown rental income of ₹.3,24,37,720/- from Babubhai Kanakia Foundation & ₹. 91,66,360/- from M/s RBK Education Solution Pvt Ltd for letting out of school building along with complete infrastru...