Held, that the order in question was a draft assessment order under section 144C. The draft assessment order has not yet attained finality as it still has to be placed before the Dispute Resolution Panel and therefore, in the circumstances, interfering at this stage may not be justified as it would pre-empt decision-making by the high-powered Dispute Resolution Panel. However, the Dispute Resolution Panel should look into all aspects of the matter. It should consider the objections raised by the assessee more particularly, about the decision of the Income-tax Appellate Tribunal in its own case for the AY 2014-15 and the judgment of the Supreme Court in CIT v. Smifs Securities Ltd (2012) 348 ITR 302 (SC) (AY. 2018-19)
Mylan Laboratories Ltd. v. NFAC (2022) 446 ITR 734 / 287 Taxman 40// 220 DTR 105/ 329 DTR 502 (Telangana)(HC)
S. 144C : Reference to dispute resolution panel-Principles of natural justice-Precedent-Decision of Supreme Court binding on all Courts and all authorities-Appellate Tribunal-Decision of Tribunal is binding on all authorities. [S. 254(1), Art. 226]