“Capital asset” means “property of any kind” held by the assessee whether or not connected with his business or profession. The expression “property of any kind” is very wide and covers all kinds of properties known to law, movable or immovable, tangible or intangible. The term property by itself is a very generic term for all that a person has dominion over. It is comprehensive of all terms that can be used in as much as it is indicative and descriptive of every possible interest which a person can have.
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• Since the word “property” is not defined in the Act, it must be construed in its plain natural meaning subject to the context in which that expression occurs.
• In its normal connotation,” property’ * means the” highest right a man can have to do anything, being that right which one has to lands or tenements, goods or chattels which does not depend on another’s courtesy: it includes ownership, estates and interests in corporeal things, and also rights such as trade marks, copy-rights, patents and even rights in personal capable of transfer or transmission, such as debts; and signifies a beneficial right to or a thing considered as having a money value, especially with reference to transfer or succession, and to their capacity of being injured” ?
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• The words “held by an assessee” include within their ambit physical, actual, constructive and even symbolic possession of a property of any kind.