ORDER :

R.M. CHHAYA, J.

1. Heard Mr. Manish Bhatt, learned Senior Advocate assisted by Mrs. Mauna Bhatt, learned advocate for the appellant –revenue.

2. By this appeal under Section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the “Act” for the sake of brevity) the appellant – Revenue has challenged the order dated 15.11.2019 passed by the Income Tax Appellate Tribunal, B Bench, Ahmedabad in ITA No.2428/AHD/2017 for AY 2014-15.

3. The following noteworthy facts emerge from the record of the appeal.

3.1. That the respondent–assessee filed it return of income for the Assessment Year 2014-15 on 23.1.2015 and declared total income as NIL. On assessment being made under Section 143(3) of the Act, the Assessing Officer by its order dated 28.12.2016 assessed the total income of the respondent –assessee at Rs.9,76,50,250/-. The AO came to the conclusion that assessee was engaged in the Area Development and Town Planning and carrying out the activity of general public utility. According to the AO, the respondent – assessee was not carrying out any charitable activities and was squarely covered by proviso 1 & 2 to Section 2(15) r/w Section 13(8) of the Act and ultimately came to