Stock Exchange, Ahmedabad vs Asstt. Commissioner Of Income Tax, ...

The Supreme Court addressed the issue of whether the membership rights of a deceased Stock Exchange member, Rajesh Shah, constituted property that could be attached under Section 28 1B of the Income Tax Act, 1961. The Court held that the membership rights were personal to the deceased and ceased upon his death, thus vesting in the Stock Exchange, which was entitled to dispose of them. The Court upheld the High Court's dismissal of the writ petition challenging the provisional attachment and garnishee notice, affirming that the legal representatives of the deceased were not entitled to the membership rights.