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What is the meaning of asset?

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(Querist)
23 February 2012 Can someone tell me the meaning of "Asset" under income tax Act, 1961 or as per ICAI guidelines??
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Yogesh Agarwal

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Yogesh Agarwal (Expert)
23 February 2012 assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have economic value is considered an asset.
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Yogesh Agarwal

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Yogesh Agarwal (Expert)
23 February 2012 Formal Definition is "An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity"
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