Order passed u/s 144(C)(1) of Income Tax Act to be construed as draft assessment order only: Madras HC

Ramco Cements Limited Vs ITO (Madras High Court) Madras High Court held that any assessment order passed under section 144(C)(1) of the Income Tax Act has to be construed only as a draft assessment order, even if the word ‘draft assessment’ is missing. Facts- The case of the petitioner is that the petitioner filed return of income on 09.03.2022 and thereafter filed revised returns on 31.03.2022. As there was variation in the returns filed to the tune of Rs.43,42,55,948/-, AO had referred to the Transfer Pricing Officer (TPO) to give their comments on the proposed variation pertaining to th...