This has been resolved - It was actually a Network Issue pertains to NAT Loopback.
The network I have been working on does not support NAT Loopback - Data Gateway and SQL Server was installed on same network servers and I have been trying to connect the Data Gateway with SQL Server using Public IP rather than local IP - As I mentioned NAT Loopback was not enabled therefore Data Gateway was not able to access the SQL Server with Public IP. When it was setup using local IP, it worked
Moreover, It is working with Personal Gateway too