Dismissing the appeal of the revenue the Court held that , the assessee is in the business of development of real estate projects and letting of property is not the business of the assessee. Following the ratio in CIT v. Sane & Doshi Enterprises ( 2015) 377 ITR  165 ( Bom) (HC ) wherein the   Court held that the  rental income received from unsold portion of the property constructed by real estate developer is assessable as income from house property . Considered the decision in Chennai Properties and Investments Ltd Chennai v CIT ((2015) 373 ITR 673(SC) and Rayala Corporation Pvt Ltd v ACIT   (2016) 386 ITR 500  ( SC)  ( ITA No. 347 of 2016 dt. 31-07-2018 ) ( Arising ITA No. 4475 / Mum/2011 dt 19 -02 2014)