THE STOCK EXCHANGE, AHMEDABAD vs ASSTT.COMMNR.OF INCOME TAX,AHMEDABAD

The Supreme Court held that under Section 28 1B of the Income Tax Act, 1961, provisional attachment can be ordered for property belonging to the assessee, which includes the legal representatives of a deceased member of a Stock Exchange. The Court affirmed the High Court's ruling that the membership rights of the deceased member, Rajesh Shah, constituted property that could be attached, thus upholding the garnishee notice issued under Section 226(3) of the Income Tax Act. The appeal by the Stock Exchange was dismissed, confirming that the rights of the deceased did not devolve to his heirs posthumously.