Material in transit will not be accounted unless u have 
clear title and transfer in your (company's name) name.  It 
will not be taken as inventory.

Whereas Capital work in progress, where the project is 
under implementation, due to progress in work and 
implementation, the half-finished work will be treated as 
Capital work in progress and added to your Fixed Assets in 
the Balance sheet.  No depreciation will be provided on 
Work in progress value.  On completion, the amount will be 
capitalised and added to the concerned Asset value like 
Buildings, plant & machinery, Electrical items etc.

Material in transit which means goods are manufactured as 
per the customer need and that goods are dispatched from 
manufacturing unit to customer place that period of time 
was called as material in transit.

capital work which means capital is nothing but cash. so 
company will work to making up the capital wealth high that 
is called as capital work.