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Court Rules No Tax Liability on Property Transfer; Full Disclosure Made, Sections 2(47), 45, 48, 50C Not Applicable.

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....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....

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Court Rules No Tax Liability on Property Transfer; Full Disclosure Made, Sections 2(47), 45, 48, 50C Not Applicable.