https://www.taxtmi.com/caselaws?id=385431 The Bombay High Court held that a loan given by a foreign company to its Indian subsidiary constitutes a capital asset under Section 2(14) of the Income Tax Act. The Court interpreted the term "capital asset" broadly, emphasizing that it includes any property unless specifically excluded. Relying on precedents and the broad definition of "property," the Court dismissed the Revenue's argument and affirmed the Tribunal's decision that the loan was a capital asset. The appeal was dismissed as it did not raise a substantial question of law. en-us Mon, 26 Aug 2019 00:00:00 +0530 Fri, 12 May 2023 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385431 The Bombay High Court held that a loan given by a foreign company to its Indian subsidiary constitutes a capital asset under Section 2(14) of the Income Tax Act. The Court interpreted the term "capital asset" broadly, emphasizing that it includes any property unless specifically excluded. Relying on precedents and the broad definition of "property," the Court dismissed the Revenue's argument and affirmed the Tribunal's decision that the loan was a capital asset. The appeal was dismissed as it did not raise a substantial question of law. Case-Laws Income Tax Mon, 26 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385431