THE STOCK EXCHANGE, AHMEDABAD vs ASSTT.COMMNR.OF INCOME TAX,AHMEDABAD — C.A. No. 1727/1998

Case Summary: Stock Exchange, Ahmedabad v. Assistant Commissioner of Income Tax The Supreme Court held that a stock exchange membership is a personal privilege, not property attachable under income tax law. When deceased member Rajesh Shah's heirs expressed inability to pay liabilities, his membership rights vested in the Stock Exchange under its rules, and the Exchange properly disposed of the membership. The Court quashed the income tax officer's provisional attachment and garnishee orders, finding the membership was never the deceased's property. This case analysis is maintained by casestatus.in based on publicly available court records.