Case Name : Shakti insulated wires ltd. Vs. Jt. CIT
Citation : [2003] 132 taxman 171/87 ITD 56 (mum. – Trib.)
Court : ITAT-Mumbai
Section : 2(14)
Meaning : The expression ‘capital asset’ has an all embracing connotations and includes every kind of property as generally understood except those that are exclusively excluded from the definition. Thus, it includes every conceivable thing, right or interest or liability.
Case Name : Jt. CIT Vs. Graphite india ltd.
Citation : [2004] 89 ITD 415 (kol. – Trib.)
Court : ITAT-Kolkata
Section : 2(14)
Meaning : The definition of ‘capital assets’ as provided in section 2(14) is an inclusive one, which brings within its ambit property of any kind held by the assessee, except what has been expressly excluded by sub-clauses (i) to (iv) thereunder; thus, the expression ‘capital asset’ has a wide connotation.
Case Name : Praveen gupta Vs. Asstt. CIT
Citation : [2011] 137 TTJ (delhi) 307
Court : Delhi High Court
Section : 2(14)
Meaning : The word ‘held’ used in section 2(14) as well as the explanation to section 48 clearly depict that assessee must have some right in the capital asset which is subject to transfer.