Assessee is   engaged dominantly in activity of development and sale of properties.  It filed its return of income declaring profit on total income/gross receipt which was claimed exempt as per provisions of section 11. Assessing Officer held  that assessee is  engaged in activity in nature of trade, commerce or business in as much as one of dominant activities of authority is  acquisition and sale of immovable properties and receipts from which were in excess of ceiling stipulated in second proviso of section 2(15). He disallowed exemption under section 11 of the Act. CIT(A) allowed the exemption. On   appeal the Tribunal held that  since verification/examination had not been carried out by authorities below in terms of observations and guidelines framed by Apex Court in case of CIT(E) v. Ahmedabad Urban Development Authority (2022) 291 Taxman 11/ 449 ITR 1 (SC)    issue is  to be remanded to file of Assessing Officer to consider same afresh upon examining nature of assessee’s activities and to pass a reasoned order strictly in light of observations made by Apex Court. (AY. 2014-15 to 2017-18)