Capital Asset Explained – Section 2(14) of the Income Tax Act

Under Section 2(14) of the Income Tax Act, a capital asset refers to any kind of property held by an assessee, whether connected to their business or profession or not. It includes securities held by Foreign Institutional Investors and certain unit-linked insurance policies not eligible for exemption under section 10(10D). However, it excludes stock-in-trade, consumable stores, and raw materials used for business purposes, as well as personal effects like movable property used for personal use, except for specific items such as jewelry, archaeological collections, and works of art. Agricultural land in certain rural areas is also excluded from the definition of a capital asset.

Table of Content

1. Introduction
2. The Provisions
3. Highlights of the Provisions
4. Amendment by Finance (No. 2) Act, 2014
5. Amendment by Finance Act, 2018
6. Issues

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1. Introduction

Section 45 of the Indian Income Tax Act is a key provision concerning the taxation of capital gains arising from the transfer of capital assets. The term ‘capital asset’ is a central concept in this context and is defined in Section 2(14) of the Act. This definition is crucial as it delineates the scope of assets that are subject to capital gains tax. The term ‘asset’ is broad and includes various items such as stock in trade, raw materials, personal effects, agricultural land, and government-specified securities or bonds. However, for the purposes of Section 45, only those assets defined as ‘capital assets’ in Section 2(14) are considered. This means that capital gains tax is applicable only on the transfer of these specified capital assets, not on the transfer of other types of assets. An important distinction is made between capital assets and business assets. While profits and gains arising from the transfer of business assets are taxed as business income under Section 28, profits and gains from the transfer of capital assets are taxed under the head of capital gains. This distinction can sometimes lead to disputes, particularly regarding whether a certain transaction should be classified under the category of business income or capital gains. Courts have established specific criteria to resolve such disputes. A critical point in the taxation of capital gains is that the asset must qualify as a capital asset at the time of its transfer, not necessarily at the time of its acquisition. This has implications for the tax treatment of any profits or gains arising from the transfer. Similarly, losses incurred on the transfer of a capital asset cannot be considered as business expenditure. Capital assets are further categorized into short-term and long-term assets, based on their period of holding. Different types of capital assets may have different criteria for determining the period of holding. There are also complexities in cases where the cost of acquisition of a capital asset is unascertainable, potentially leading to difficulties in the computation of
capital gains. Additionally, issues can arise in determining whether rights associated with a capital asset should be classified as short-term or long-term.

The article delves into these aspects, elucidating the concept of ‘capital asset’ in the context of capital gains taxation and exploring various issues and judicial pronouncements related to it. This includes an in-depth discussion of the legal interpretations and precedents that cover the application of Section 45 and related provisions of the Income Tax Act.

2. The Provisions

As per section 2(14), as amended by Finance Act, 2021, the term ‘capital asset’ is defined as under:

“Capital asset” means—

• property of any kind held by an assessee, whether or not connected with his business or profession.
• any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);
• any unit-linked insurance policy to which exemption under clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth provisos thereof,

but does not include—

• any stock-in-trade other than the securities referred to in sub-clause (b), consumable stores or raw materials held for the purposes of his business or profession;
• personal effects, that is to say, movable property (including wearing apparel and furniture) held for personal use by the assessee or any member of his family dependent on him, but excludes—

1. 1. jewellery;
   2. archaeological collections;
   3. drawings;
   4. paintings;
   5. sculptures; or
   6. any work of art.

Explanation 1.—For the purposes of this sub-clause, “jewellery” includes—

• ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel;
• precious or semi-precious stones, whether or not set in any furniture, utensil or other article or worked or sewn into any wearing apparel.

Explanation 2.—For the purposes of this clause—

• the expression “Foreign Institutional Investor” shall have the meaning assigned to it in clause (a) of the Explanation to section 115AD;
• the expression “securities” shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

agricultural land in India, not being land situate—

• in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or
• in any area within the distance, measured aerially,—

1. 1. not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or
   2. not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or
   3. not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh.Explanation.—For the purposes of this sub-clause, “population” means the population according to the last preceding census of which the relevant figures have been published before the first day of the previous year;6½ per cent Gold Bonds, 1977, or 7 per cent Gold Bonds, 1980, or national Defence Gold Bonds, 1980, issued by the Central Government; Special Bearer Bonds, 1991, issued by the Central Government;

Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 or deposit certificates issued under the Gold Monetisation Scheme, 2015 notified by the Central Government.

Explanation.—For the removal of doubts, it is hereby clarified that “property” includes and shall be deemed to have always included any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever.

3. Highlights of the Provisions

Section 2(14) of the Income Tax Act, as amended by the Finance Act, 2021, defines the term “capital asset.” The Highlights of the provision is as under:

• Definition of Capital Asset:

1. 1. General Definition: A capital asset includes any property of any kind held by an assessee, irrespective of its connection with the assessee’s business or profession.
   2. For Foreign Institutional Investors: Securities held by a Foreign Institutional Investor, provided these securities are invested in accordance with SEBI Act regulations, also qualify as capital assets.
   3. Unit Linked Insurance Policies: Any unit linked insurance policy that doesn’t qualify for exemption under clause (10D) of section 10 due to specific provisions.

• Exclusions from Capital Assets:

1. 1. Stock-in-Trade: Any stock-in-trade, other than securities mentioned under Foreign Institutional Investors, consumable stores, or raw materials held for business or professional purposes are excluded.
   2. Personal Effects: Personal movable property, including wearing apparel and furniture, for personal use by the assessee or family, except for:

(i) Jewellery.

(ii) Archaeological collections.

(iii) Drawings, paintings, sculptures, or any other work of art.

• Clarifications and Explanations:

1. 1. Explanation of ‘Jewellery’: This includes ornaments made of precious metals or alloys and precious or semi-precious stones, regardless of their use or integration into clothing or other items.
   2. Foreign Institutional Investor and Securities: Definitions for these terms are as per section 115AD and the Securities Contracts (Regulation) Act, 1956, respectively.

• Exclusions of Certain Lands and Bonds:

1. 1. Agricultural Land: Excludes agricultural land in specified urban areas or within certain distances from urban areas, based on population criteria.
   2. Certain Government Bonds and Schemes: Gold bonds issued by the Government, Special Bearer Bonds, and bonds under Gold Deposit and Gold Monetisation schemes are excluded.

• Inclusiveness of Property Rights: The term “property” is inclusive and explicitly includes any rights in relation to an Indian company, such as management, control, or other rights.

4. Amendment by Finance (No. 2) Act, 2014

(As explained in CIRCULAR NO. 1/2015 [F. NO. 142/13/2014-TPL], DATED 21-1-2015)

“4. Characterisation of Income in case of Foreign Institutional Investors

4.1 The provisions contained in clause (14) of section 2 of the Income-tax Act, 1961, before amendment by the Act, defined the term “capital asset” to include property of any kind held by an assessee, whether or not connected with his business or profession, but did not include any stock-in-trade or personal assets as provided in the definition. The foreign portfolio investors [notified as foreign institutional investors for the purposes of the Income tax Act vide notification S.O. 199(E) dated 22.01.2014] faced a difficulty in characterisation of their income arising from transaction in securities as to whether it is capital gains or business income. Further, the fund manager managing the funds of such investor remained outside India under the apprehension that their presence in India may constitute permanent establishment (PE) and the income arising from transactions in securities held in India may be taxed as business income of PE. In this context, the Finance Minister, in his budget speech, had stated as under—

“Foreign Portfolio Investors (FPIs) have invested more than ` 8 lakh crore (about 130 billion US$) in India. One of their concerns is uncertainty in taxation on account of characterization of their income. Moreover, the fund managers of these foreign investors remain outside India under the apprehension that their presence in India may have adverse tax consequences. With a view to put an end or this uncertainty and to encourage these fund managers to shift to India, I propose to provide that income arising to foreign portfolio investors from transaction in securities will be treated as capital gains.”

4.2 Accordingly, clause (14) has been amended to provide that any security held by foreign institutional investor which has invested in such security in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 shall be a capital asset and not a current asset. Therefore, any income arising from transfer of such security by a foreign institutional investor would be in the nature of “capital gains”.

4.3 Applicability:—This amendment takes effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years.”

4.1  Highlights of the Amendments

The amendment to clause (14) of section 2 of the Income tax Act, 1961, as introduced by the Finance (No. 2) Act, 2014, and explained in Circular No. 1/2015, dated January 21, 2015, specifically addresses the characterization of income for Foreign Institutional Investors (FIIs), now referred to as Foreign Portfolio Investors (FPIs).

Here are the key aspects of this amendment:

• Background and Issue:

1. 1. Previously, FIIs faced uncertainty regarding the classification of income from transactions in securities—whether as capital gains or business income.
   2. Fund managers for these foreign investors usually operated from outside India due to concerns that their presence in India might lead to adverse tax implications, such as the creation of a Permanent Establishment (PE) in India and the subsequent taxation of income as business income of the PE.

• Budget Speech Statement: Recognizing the significant investment by FPIs in India and their concerns over taxation uncertainty, the Finance Minister proposed a solution to encourage fund managers to operate from within India.
• Amendment to Clause (14):

1. 1. The amendment made it clear that any security held by an FII (as per SEBI regulations) is considered a capital asset, not a current asset.
   2. Consequently, income arising from the transfer of such securities by an FII is characterized as “capital gains”, not business income.
   3. This distinction is critical because capital gains are usually taxed differently (and often more favorably) than business income.

• Effective Date and Applicability:

1. 1. This amendment came into effect on April 1, 2015.
   2. It applies from the assessment year 2015-16 and subsequent years.

5. Amendment by Finance Act, 2018

(As explained in CIRCULAR NO. 8/2018 [F. NO. 370142/07/2018-TPL], DATED 26-12-2018)

“14. Rationalisation of provisions relating to conversion of stock-in-trade into Capital Asset

14.1 Section 45 of the Income-tax Act provides inter alia that capital gains arising from the conversion of capital asset into stock-in-trade shall be chargeable to tax. However, before amendment by the Act, the law did not provide for taxability in cases where the stock-in-trade is converted into, or treated as, capital asset.

14.2 In order to provide symmetrical treatment and discourage the practice of deferring tax payment by converting the inventory into capital asset, section 28 of the Income tax Act has been amended to provide that any profits or gains arising from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as income under the head “Profits and gains from business or profession”. It is also provided that the fair market value of the inventory on the date of conversion or treatment, determined in the prescribed manner, shall be deemed to be the full value of the consideration received or accruing as a result of such conversion or treatment.

14.3 Consequentially, the following amendments have been made in the provisions of the Income-tax Act—

(1) clause (24) of section 2 has been amended to include said fair market value in the definition of “income”;

(2) clause (42A) of section 2 has been amended to provide that the period of holding of such capital asset shall be reckoned from the date of conversion or treatment;

(3) section 43 has been amended to provide that where the converted capital asset is used for the business or profession of the assessee, the said fair market value shall deemed as its actual cost;

(4) section 49 has been amended to provide that for the purposes of computation of capital gains arising on transfer of such capital assets, the said fair market value shall be deemed as its cost of acquisition.

14.4 Applicability: These amendments take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-20 and subsequent assessment years.”

5.1 Highlights of the Amendment

The amendment introduced by the Finance Act, 2018, as detailed in Circular No. 8/2018, focused on rationalizing the provisions related to the conversion of stock-in-trade into a capital asset under the Income-tax Act. The Highlights of the Amendment is as under:

• Section 45 and Pre-amendment Scenario: Originally, Section 45 of the Income-tax Act addressed the taxation of capital gains arising from the conversion of a capital asset into stock-in-trade. However, it did not cover the reverse scenario where stock-in-trade is converted into a capital asset.
• Amendment in Section 28:

1. 1. To provide symmetry in treatment and discourage the deferral of tax payment by converting inventory into a capital asset, Section 28 was amended.
   2. This amendment stipulates that profits or gains arising from the conversion of inventory into a capital asset, or its treatment as such, will be taxed as income under the head “Profits and gains from business or profession.”
   3. The fair market value of the inventory on the date of conversion or treatment, as determined in the prescribed manner, is deemed to be the full value of the consideration received or accruing due to this conversion or treatment.

• Consequential Amendments:

1. 1. Clause (24) of Section 2: Amended to include the fair market value in the definition of “income.”
   2. Clause (42A) of Section 2: Amended to reckon the holding period of such a capital asset from the date of its conversion or treatment.
   3. Section 43: Amended to consider the fair market value as the actual cost of the converted capital asset when it is used for business or profession.
   4. Section 49: Amended to treat the fair market value as the cost of acquisition for computing capital gains on the transfer of such capital assets.

• Applicability:

1. 1. These amendments took effect from April 1, 2019.
   2. They apply to the assessment year 2019-20 and subsequent assessment years.

6. Issues

Expressions ‘Property’, ‘Property of Any Kind’, ‘Asset’, ‘Capital Asset’, ‘Held by an Assessee’, ‘Personal Effects’

1. Issue: How the expression ‘property’ as used in section 2(14) has been explained?

Solution: The expression ‘property’ has been defined by the courts as under:

• Property is right, title, or interest: The definition of ‘property’ in Section 2(14) extends beyond just physical assets. It encompasses any right, title, or interest in the property. In some cases, a single property can be subject to multiple rights held by different parties, as seen in situations involving mortgages or leases. Property can be viewed as a collection of various rights. When a person owns property, they possess all associated rights. However, in scenarios where the property is mortgaged or leased, the rights are divided: the property owner retains certain rights, while the mortgagee or lessee acquires different rights. Therefore, when a mortgagee or lessee decides to transfer the property, only the rights they hold are transferred. The rights that remain with the original owner (mortgagor or lessor) are not part of this transfer¹. Therefore, on transfer of his rights in the property by the mortgagee or lessee, no capital gains would arise on mortgagor or lessor².
• Property as a capital asset: Clause (14) of Section 2 defines a ‘Capital Asset’ as any type of property held by an assessee, irrespective of its connection to their business or profession. This broad definition includes all forms of property, except for certain specific The exclusions encompass items like stock-in-trade, consumable stores, or raw materials used for business or professional purposes, personal effects, agricultural land, and certain types of bonds. This definition underscores the comprehensive nature of the term ‘property’ within this context. It implies that ‘property’ encompasses every conceivable interest that a person can possess or benefit from, except for the explicitly stated exclusions³.
• Origin of acquisition of capital asset: To classify an asset as a capital asset, it’s not required to investigate the origin of its. This means that even if a capital asset is acquired using income that is exempt from taxation, such as agricultural income, it retains its status as a capital asset. The nature of the asset doesn’t change based on how it was acquired. Consequently, when such an asset is sold or transferred, it is subject to capital gains tax. The focus is on the nature of the asset at the time of its disposal or transfer, rather than on the means by which it was originally obtained. This principle ensures that all capital assets are treated uniformly for tax purposes, regardless of their source of acquisition⁴.
• Scope of “property”: Regarding the interpretation of ‘property,’ it is widely recognized as a term with a very broad scope. Unless specified otherwise by the context, it encompasses every conceivable interest that an individual can possess or benefit from. This expansive understanding of ‘property’ was highlighted in the Supreme Court’s decision in Commissioner, Hindu Religious Endowments Sri Lakshmirudra Tirtha Swamiar of Sri Shirur Mutt⁵. In this case, the Court advocated for a liberal and expansive interpretation of the term. It suggested that ‘property’ should include various well-established types of interests that exhibit the qualities or characteristics of a property right. This perspective underscores the idea that ‘property’ is not limited to physical assets but also includes a wide range of interests and rights.
• Property as a bundle of rights:

• 1. A property is a bundle of rights which the owner can lawfully exercise to the exclusion of The owner is entitled to use and enjoy such property as he pleases, provided he does not infringe on any law of the State⁶.
  2. ‘Property’ includes and shall be deemed to have always included any rights in or in relation to an Indian company including rights of management or control or any other rights whatsoever⁷.
• Wide definition: Property is a term of widest import and is subject to any limitation which the context may require, it signifies every possible interest which a person can clearly hold and enjoy⁸. In this regard following authorities⁹ may also be referred.
• Liberal definition: The word ‘property’ should be given a liberal and wide connotation and should be extended to those well-recognised types of interests which have the insignia or characteristic of proprietary right¹⁰.
• Concept of property: In the concept of property, the emphasis is on holding and enjoyment and not on ownership¹¹.

2. Issue: What is the scope of expression ‘property of any kind ’?

Solution: The term ‘property of any kind’ in the definition of ‘capital asset’ within Section 2(14) is notably broad and inclusive. This phrase doesn’t contain any limiting language, thereby encompassing every conceivable interest an individual can possess and enjoy. The definition strategically uses the word ‘held’, which contrasts with terms like ‘owner’ or ‘owned’¹², implying a broader scope than just outright ownership.

This wide-ranging expression includes all forms of property, with the exception of those explicitly excluded by the provision. The exclusions are specifically limited to stock-in-trade, consumables, or raw materials used for business purposes. Therefore, ‘property of any kind’ encompasses all types of proprietary interests, whether they are legal or equitable in nature.

Essentially, any right that qualifies as property falls under the ambit of ‘capital asset’. This interpretation highlights that the term refers to a set of entitlements or rights concerning an object or entity, rather than the physical object or entity itself. This broad definition ensures the inclusion of a wide range of interests and rights under the category of capital assets.

3. Issue: What kind of assets fall within the definition of ‘capital asset’ under section 2(14)?

Solution: Under Section 2(14), ‘capital asset’ means:

1. property of any kind held by an assessee whether or not connected with his business or profession,
2. any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the SEBI Act 1992,
3. any unit linked insurance policy to which exemption under clause (10D) of section 10 does not apply on account of the applicability of the fourth and fifth provisos thereof. The Explanation below section 2(14) clarifies that ‘property’ includes and shall be deemed to have always included any rights in or in relation to an Indian company including rights of management or control or any other rights whatsoever.

Besides, following kinds of asset have been held to be capital assets u/s 2(14):

• Land¹³ as well as building held by assessee¹⁴.
• Agricultural land situated within municipal limits¹⁵ or barren land surrounded by Rocky Mountains and not fit for agricultural operations¹⁶.
• Trees standing on agricultural land¹⁷, or the trees cut and removed¹⁸ along with roots¹⁹. However, where land is agricultural and sold along with trees, such trees will not be capital asset²⁰.
• Right to obtain a conveyance of immovable property²¹.
• Remainderman’s reversionary interest in a trust²².
• Management rights/Managing agency rights and rights of management of property²³. Presently, managing agency rights would be covered under ‘right to carry on business or profession’ inserted in section 55(2)(a) by Finance Act 2002 w.e.f. 01-04-2003, and hence a capital asset.
• Right to obtain bonus shares²⁴.
• Rights to claim specific performance by conveyance in respect to an immovable property²⁵.

1. CIT Daksha Ramanlal [1992] 197 ITR 123/65 Taxman 83 (Guj.)
2. CIT Smt. Thressiamma Abraham (No. 1) [1997] 227 ITR 802 (Ker.)
3. Bafna Charitable Trust CIT [1998] 101 Taxman 244/230 ITR 864 (Bom.)
4. Atul Puranik v. ITO [2011] 11 taxmann.com 92 (Mum. – Trib.)
5. (1954) SCR 1005(SC)
6. CIT National Insurance Co. Ltd. [1978] 113 ITR 37 (Cal.)
7. Praful Chandaria Addl. DIT [2016] 73 taxmann.com 14 (Mum. – Trib.)
8. Ahmed H. Ariff v. CWT [1970] 76 ITR 471 (SC)
9. J.K. Trust v. CIT [1957] 32 ITR 535 (SC), Pandit Lakshmi Kant Jha v. CWT [1973] 90 ITR 97 (SC) and Mata Din Kasodhan v. Kazim Hussain [1981] ILR 13 All 432 (FB)
10. Commissioner, Hindu Religious Endowments Sri Lakshmindra Tirtha Swamiar of Sri Shirur Mutt. [1954] 1 SCR 1005 (SC)
11. Madathil v. Dy. CIT [2008] 301 ITR 345 (Mad.)
12. Madathil Brothers Dy. CIT [2008] 301 ITR 345 (Mad.); CIT v. Mohanbhai Pamabhai [1973] 91 ITR 393 (Guj.) affirmed in Addl. CIT v. Mohanbhai Pamabhai [1987] 165 ITR 166 (SC); Syndicate Bank Ltd. v. Addl. CIT [1985] 155 ITR 681/[1986] 29 Taxman 32 (Kar.)
13. CIT Vimal Chand Golecha [1993] 201 ITR 442 (Raj.)
14. CIT v. Sekhar Gupta [2001] 79 ITD 192/114 Taxman 122 (Cal. – Trib.)
15. CIT Deep Chand [2002] 123 Taxman 685 (Delhi); CIT v. Gurcharan Singh & Sons [1998] 100 Taxman 245 (Punj. & Har.)
16. Suresh Kumar Shah v. Dy. CIT [2011] 16 taxmann.com 324 (Hyd. – Trib.)
17. Travancore Tea Estates Ltd. v. CIT [1974] 93 ITR 314 (Ker.); Commissioner of Agricultural Income Tax v. Kalias Rubber Co. Ltd. [1966] 60 ITR 435 (SC); Clen Leven Estates Ltd. v. CIT [1973] 91 ITR 391 (Ker.); Beverley Estates Ltd. v. CIT [1979] 117 ITR 302 (Mad.)
18. Emerald Valley Estates v. CIT [1996] 88 Taxman 335 (Kar.)
19. Prasad Mathew Dy. CIT [2010] 9 taxmann.com 138/[2011] 130 ITD 11 (Cochin – Trib.)
20. (V) Venugopala Varma Rajah CIT (1970) 76 ITR 460 (SC); A.K.T.K.M. Vishnudatta Antharjanam v. Commissioner of Agricultural Income Tax [1970] 78 ITR 58 (SC); CIT v. Alanickal Co. Ltd. [1986] 158 ITR 630/28 Taxman 504 (Ker); CIT v. Travancore Rubbers Ltd. [1990] 52 Taxman 441 (Ker.)
21. Oikos Apartments (P.) v. ITO [2018] 95 taxmann.com 44 (Beng. – Trib); CIT v. Tata Services Limited [1979] 1 Taxman 427 (Bom.); CIT v Vijay Flexible Containers [1990] 48 Taxman 86 (Bom.); CIT v. Ram Gopal [2015] 55 taxmann.com 536/230 Taxman 205 (Delhi)
22. NESS WADIA V ITO [1995] 51 TTJ 11 (Bom. – Trib.)
23. CIT Asiatic Textile Co. Ltd. [1955] 27 ITR 315 (Bom.); J.B. Greaves v. CIT [1963] 49 ITR 107 (Bom.); Rameshwar Prasad Bagla v. CIT [1973] 87 ITR 421 (SC); CIT v. National Insurance Co. Ltd. [1978] 113 ITR 37 (Cal.); CIT v. New India Assurance Co. Ltd. [1979] 1 Taxman 544 (Bom.); Lakshmi Insurance Co. (P.) Ltd. v. CIT [1971] 80 ITR 575 (Delhi); Dy. CIT v. Dr. Sandeep Dave [2019] 109 taxmann.com 138 (Raipur – Trib.); CIT v. Oriental Government Security Life Insurance Co. Ltd. [1982] 10 Taxman 308 (Bom.)
24. Miss Dhun Dadabhoy Kapadia CIT [1967] 63 ITR 651 (SC)
25. Chandrashekar Naganagouda Patil Dy. CIT [2020] 117 taxmann.com 520 (Bang. – Trib.)