Tag Archives: Capital Asset

No capital gain tax if capital contribution by partner is current asset and not capital asset : ITAT

By | October 25, 2016

Held The Assessee brought to the notice of the CIT(A) a CBDT Circular subsequent to the insertion of sub-section (3) in section 45 of the Act, viz., circular bearing No. 495 dated September 22, 1987, (1987) 168 ITR (St.) 87, wherein it was stated thus: “24.2 With a view to blocking this escape route for… Read More »

Capital Asset defination under Income Tax Act (India) -section 2(14)

By | October 21, 2016

Capital Asset under Income Tax Act –  Section 2(14) Definition of capital asset in section 2(14) of the Act “capital asset” means— (a) property of any kind held by an assessee, whether or not connected with his business or profession; (b) any securities held by a Foreign Institutional Investor which has invested in such securities… Read More »