Share application money constitutes ‘Capital Asset’ within the meaning of Section 2(14)

DCIT Vs Morarjee Realities Ltd. (ITAT Delhi) ‘Capital Asset’ as defined in Sec.2(14) would mean property of any kind held by an assessee, whether or not connected with his business or profession’, except those which are specifically excluded in the said section. The only exclusion is only for stock in trade, consumables or raw materials held for purposes of business. Therefore, the word property would have wide connotation to include interest of any kind. The Hon’ble Court in CWT v/s. Vidur V. Patel [1995] 215 ITR 30 held the word property would be of widest import and signifies ev...