No reassessment if limitation period barred u/s 153(2) unless TPO reference u/s 92CA was involved in case of non-residents

Smt. Maliha Syeda Vs ITO (ITAT Hyderabad) Conclusion: Reassessment u/s 147 must be completed within one year from end of Financial Year in which notice u/s 148 is issued, unless a TPO reference u/s 92CA was involved in case of non-residents. Extended time under s.153(4) was not otherwise available. Once the statutory time prescribed had expired, AO loses the jurisdiction to pass the reassessment order and since reassessment itself was without jurisdiction, being time-barred, penalty levied under section 271(1)(c) could not survive. Held: Assessee was a non-resident individual (NRI) who had fil...