Reassessment under section 147 held void ab initio where AO lacked cogent reasons; DTAA and section 194LD protections upheld

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....The ITAT held that the reassessment proceedings initiated u/s 147 were void ab initio for want of jurisdiction: the AO failed to record cogent reasons or identify tangible material establishing escapement of income before issuing notice, despite knowledge that the assessee was a non-resident foreign company, a TRC holder and SEBI-FPI investor in NCDs whose sole Indian receipts were interest subjected to TDS u/s 194LD. Absent findings of a PE in India or applicability of POEM/s 6(3), there was no obligation to file a return u/s 139(1), and DTAA protections applied. Consequently the ITAT allowed the assessee's grounds and set aside the reassessment initiation.....