Supreme Court of India
Thestockexchange,ahmedabad v. Asstt. Commissioner of Income Tax, Ahmedabad
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1 Supreme Court bench has cited this judgment.
What the Court ordered
For the aforesaid reasons, we allow the appeal, set aside the impugned judgment and quash the order of provisional attaclunent dated 14th Febmaiy, 1994 and garnishee notice dated 14th June, 1995 issued nnder Section 226(3) of the Income Tax Act, 1961.
Judgment, page 8
From the headnote
Stock Exchange Rules, 1957 (Ahmedabad)-Rules 5, 6, 7, 9, 11, 15, 16, 50, 51, 53, 54, Appendix : Stock Exchange-Membership-Nature of-Held, right of membership is c merely a personal privilege granted to a member-Membership non-transfer- able and incapable of alienation by the member or his legal representatives and heirs except to the limited extent as provided in rules on fulfilment of conditions provided therein-Death or default of a member-Consequence of-Held, the member's right of nomination ceases and it vests in the Exchange absolutely free of all rights, claims or interests of such
Where later benches applied it
Of those, 1 relied on
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