https://www.taxtmi.com/caselaws?id=5095 Capital gains under section 12B were said to arise only on transfer of a capital asset, and section 2(4A) treated a capital asset as property of any kind held by the assessee. The Tribunal found that the sale price attributable to the omnibus was separate from the amount referable to the right to ply under the permit, but also recorded that the right to ply was not property. The SC declined to decide whether that right could itself be a capital asset, because the referred question did not cover that issue and its jurisdiction was confined to the questions actually referred. No capital gain was brought to tax on the omnibus sale price alone. en-us Fri, 10 Nov 1967 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5095 Capital gains under section 12B were said to arise only on transfer of a capital asset, and section 2(4A) treated a capital asset as property of any kind held by the assessee. The Tribunal found that the sale price attributable to the omnibus was separate from the amount referable to the right to ply under the permit, but also recorded that the right to ply was not property. The SC declined to decide whether that right could itself be a capital asset, because the referred question did not cover that issue and its jurisdiction was confined to the questions actually referred. No capital gain was brought to tax on the omnibus sale price alone. Case-Laws Income Tax Fri, 10 Nov 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5095