Is AAR now another ITAT?

In a landmark judgment delivered couple of days ago, the Supreme Court unequivocally ruled that the Authority for Advance Ruling is a "Tribunal" within the scheme of India's Constitution. By holding that High Courts should first hear writs against an AAR order, has SC reduced the Authority to another Income Tax Appellate Tribunal? If AAR orders are not going to be binding, will every ruling of the Authority find its way to High Court and SC? Does the apex court verdict defeat the very purpose for which the AAR was created by the legislature - early resolution of dispute and tax certainty for foreign investors?

Tax experts Mr. Mukesh Butani (BMR), Mr. Sanjay Sanghvi (Khaitan & Co), Mr. Aseem Chawla (MPCLEGAL), Dr. R.N. Dash (former DG-International Tax), Mr. Ketan Dalal (PwC), Mr. Uday Ved (KPMG) and Mr. Rajan Vora (E&Y) have expressed their views.

 
     
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