In what respect the term IA differs from the corresponding term under the ITA?
S. 2(14) of ITA defining the term “Capital Asset” (CA) covers all the assets held by an assessee except the following items. a) Stock-in-Trade, consumable stores, raw materials etc. b) Personal effects c) Agricultural land d) 6.50% Gold Bonds, 1977 e) Special Bearer Bonds f) Gold deposit Bonds It means that all the assets other than as mentioned above, whether connected with the business or not are CA under the ITA. In order to avoid any controversy, the definition of BCA under DTC covers intangible and self-generated assets as well.
