Word ‘Capital asset’ in section 2(14) does not necessarily mean that property, which assessee holds, must be his own

RELEVANT PARAGRAPH

7. We have heard the learned representatives of the parties and perused the record. The crux of the matter under consideration whether under the facts and circumstances of the case under consideration there is transfer of asset and same is liable to capital gains or loss. The case of the revenue is that the assessee was not the owner of the plot therefore there was no transfer which is liable to capital gains. We may note here that the AO did not dispute the calculation of long term capital loss. The relevant provisions of the Act to the issue under consideration are sections 2(14) and 2 (47) of the Act which read as under:-

(I4)”capital asset” means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include—

(i) any stock-in-trade, consumable stores or raw materials held for the purposes of his business or profession;

(ii) personal effect, that is to say, movable property (including wearing apparel and furniture) held for personal us by the assessee or any member of his family dependent on him, but excludes—

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