Assessee-company, incorporated on 27-9-1996, purchased a land in financial year 1996-1997, commencing construction.  Built-up property, a commercial building, was let out to tenants in financial year 1999-2000 and, accordingly, rental income was disclosed in return since assessment year 2000-2001 as income from house property (IFHP). Assessing Officer assessed it as income from business and professions.  CIT (A) ssessed the income as income for house property.  On appeal the Tribunal held that  the  assessee is  engaged in a continuous and systematic activity of business in real estate development, of which leasing and sale is  an integral and a regular part. In each case, sum realized, as indeed rent received over years, was, after meeting expenses, ploughed back in business, purchasing and constructing landed property for being, similarly, either sold at a profit or leasing it.  On facts the  Assessing Officer is  justified in assessing capital gains and income from house property as business income. (AY. 2012-13 , 2015-16)