Tribunal held that the assessee, a Regulatory Body, was created under Gujarat Town Planning And Urban Development Act, 1976 for proper Development of  specified area in State in a phased and planned manner, preparation and implementation of  development measures, surveying for development of  areas and land acquisition, managing urban development schemes, working for water systems, sewage and other facilities and services is held to be charitable purpose hence eligible  for exemption. (AY. 2012-13 to 2014-15)