https://www.taxtmi.com/highlights?id=61714 Reopening of assessment u/s 147 - taxability of transfer of immovable property - There was no failure on part of the assessee at least for AY 2005-06, in disclosing fully and truly all material facts, as there was no Transfer u/s 2 (47), nothing was chargeable u/s 45 and therefore no computation was to be made u/s 48 and therefore there is no applicability of section 50C in the year which is reopened by AO. - AT en-us Mon, 31 Jan 2022 10:44:47 +0530 Mon, 31 Jan 2022 10:44:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=61714 Reopening of assessment u/s 147 - taxability of transfer of immovable property - There was no failure on part of the assessee at least for AY 2005-06, in disclosing fully and truly all material facts, as there was no Transfer u/s 2 (47), nothing was chargeable u/s 45 and therefore no computation was to be made u/s 48 and therefore there is no applicability of section 50C in the year which is reopened by AO. - AT Highlights Income Tax Mon, 31 Jan 2022 10:44:47 +0530 https://www.taxtmi.com/highlights?id=61714