https://www.taxtmi.com/caselaws?id=37483 Route permits were treated as capital assets because the Income-tax Act uses a wide definition of "capital asset" and the permits carried transferable proprietary value. However, the value attributable to their transfer could not be charged to capital gains, because the permits had no ascertainable cost of acquisition on the facts and were self-created through use and surrounding circumstances. The charging and computation provisions therefore could not bring that attributable value to tax as capital gains. The result was that the permits were capital assets, but the consideration referable to them was not taxable under the capital gains head. en-us Wed, 08 Sep 1976 00:00:00 +0530 Tue, 30 Mar 2010 11:16:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37483 Route permits were treated as capital assets because the Income-tax Act uses a wide definition of "capital asset" and the permits carried transferable proprietary value. However, the value attributable to their transfer could not be charged to capital gains, because the permits had no ascertainable cost of acquisition on the facts and were self-created through use and surrounding circumstances. The charging and computation provisions therefore could not bring that attributable value to tax as capital gains. The result was that the permits were capital assets, but the consideration referable to them was not taxable under the capital gains head. Case-Laws Income Tax Wed, 08 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37483