Aravind Kumar, J.

1. Petitioner is seeking for quashing of the assessment order passed by first respondent under 143(3) r/w. Section 144C(13) of the Income-tax Act, 1961 (for short 'Act') dated 31.01.2013 - Annexure-R and consequential demand notice dated 31.01.2014 at Annexure-R 1 issued by first respondent. By consent of learned Advocates appearing for parties matter is taken up for final hearing.

Factual Matrix:

Petitioner is an assessee under the Act and is engaged in the business of software development, manufacturing and trading of networking equipments. Return of income for the assessment year 2009-10 came to be filed on 29.09.2009 declaring nil income and claiming loss of Rs. 7,75,95,922/- On said return being selected for scrutiny, notice came to be issued and draft assessment order came to be framed on 27.03.2013 under Section 144C(1) of the Act whereunder income of petitioner was revised after making certain adjustments. On receipt of the draft assessment order, assessee filed its objection before the Dispute Resolution Panel ('DRP' for short) and after affording opportunity of hearing to the assessee, DRP issued a direction to the jurisdictional Assessing Officer on