Meaning of “Capital asset”

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.

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