Assessee was a company incorporated under laws of Mauritius. It was a shareholder in an Indian company namely ‘CTSIPL’. During relevant year, on account of availability of surplus fund, CTSIPL decided to buy-back its shares. CTSIPL ascertained valuation of its shares through SEBI registered category-I Merchant Banker using Discounted Free Cash Flow [‘DCF’] method at Rs. 23,915 per share. AO referred determination of ALP for buy-back of shares to TPO who submitted his report wherein no adverse inference was drawn in respect of valuation of shares. AO  however, proceeded to pass a draft assessment order wherein shares in question were valued at Rs. 8512 per share and, thus, excess consideration paid over said Fair Market Value (FMV) was assessed under section 56(1)  of the Act. Assessee filed writ petition Challenging validity of impugned draft assessment order on ground that when TPO had determined ALP, AO had no power to differ from TPO.  In view of provisions of section 92CA(4), Assessing Officer is not bound to pass draft assessment order in tune with arm’s length price fixed by TPO.  In view of fact that value of shares determined by SEBI registered Category-I Merchant Banker was for purpose of RBI applications and not for purpose of Act, instant petition deserved to be dismissed. However, with liberty to the assessee raise all the issues before the Dispute Resolution Panel. (AY. 2014-15)