Final assessment order invalid as AO failed to pass draft assessment order as required u/s 144C(1): ITAT Delhi

DCIT Vs Newbury Holding Two Ltd (ITAT Delhi)

ITAT Delhi held that assessee qualifying as an ‘eligible assessee’, AO is mandatory required to first pass a draft assessment order as per section 144C(1) of the Income Tax Act. Passing of assessment order without following the mandatory requirement results in invalidation of final assessment order.

Facts-

A search & seizure operation u/s 132 was conducted by the Investigation Wing of

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