TMI Blog2003 (4) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... ally taken by the Tribunal. - no case is made out for admission of the appeal. - - - - - Dated:- 23-4-2003 - Judge(s) : Y. R. MEENA., SHASHI KANT SHARMA. JUDGMENT By this application, learned counsel for the applicant submits that by mistake he referred to the provision of section 260A of the Income-tax Act, 1961, but the relevant provision is section 27A of the Wealth-tax Act, 1957, under which the appeal, in case of gift-tax, is maintainable. Considering his submissions, the amendment application is allowed. Amended cause title has already been filed. That be taken on record. Heard learned counsel for the appellant for admission of appeal also. This appeal is moved under section 27A of the Wealth-tax Act. The following quest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Jaipur Stock Exchange Ltd., in holding the transfer of membership of stock exchange is liable to gift-tax and sustaining the addition of Rs. 4,50,000 made by the Assessing Officer? 6. Whether, on the facts and in the circumstances of the case, the issuance of notice under section 16(1) of the Gift-tax Act, 1958, and initiation of proceedings against the appellant is valid in law?" The basic issue involved in these questions where there is a case of deemed gift. The admitted facts are that the Jaipur Stock Exchange was incorporated as a company limited by guarantee on December 28, 1983. The appellant was admitted as a member of JSEL on March 11, 1986, on payment of admission fee of Rs. 2,500. On August 21, 1989, the appellant entere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e amount by which the market value of the property at the rate of the transfer exceeds the value of the consideration shall be deemed to be a gift by the transferor. It is true that their Lordships have considered whether the membership of the stock exchange can be attached as in case of other properties and whether it is a property. Their Lordships have taken the view that the right of nomination finally vests in the stock exchange and without nomination by the stock exchange, the membership cannot be transferred, therefore, that membership cannot be attached like any other property. But, in the case in hand, there is no dispute that there was a transfer of the membership. There is a transfer of the membership by the appellant and his ..... X X X X Extracts X X X X X X X X Extracts X X X X
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