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2020 (2) TMI 527 - HC - Income TaxRecovery proceedings - membership right - priority of Income tax Department over Stock Exchange - prohibitory and attachment orders issued by the Income Tax Department in respect of the income tax dues payable by card holders of the Bombay Stock Exchange in the hands of the petitioner - HELD THAT:- As decided in [2016 (12) TMI 1814 - BOMBAY HIGH COURT] it is agreed position between the parties that the decision of the Apex Court in Bombay Stock Exchange Vs. V.S. Kandalgaonkar & Ors. [2014 (10) TMI 368 - SUPREME COURT] cover both the issues in principle in favour of the petitioner. The Apex Court has held that the membership card is only a personal privilege granted by the petitioner - Exchange and that no right to that card has ever been transferred to the card holder for the petitioner - Exchange so as to enable it's attachment by the Income Tax Department. So far as security deposit is concerned, the Apex Court has held that the petitioners would have a priority on the security deposits over the Income Tax Department.
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