Sale of stock exchange membership card of a defaulting member by Exchange amounts to transfer under the Income Tax Provisions

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF KERALA, IN THE CASE OF : CDR. P. J. Mathew Vs ITO, APPEAL NO: ITA No. 1548 of 2009, DECIDED ON: October 21, 2009 RELEVANT PARAGRAPH 3. The appellant- assessee was a member of the Cochin Stock Exchange. However, on account of chronic default, the Cochin Stock Exchange declared him a defaulter and terminated his membership and sold his stock exchange membership card in auction which fetched sale consideration of Rs. 12,75,000/- Since the membership card was sold in the previous year relevant for the assessment year 1994- 95, the assessing officer brou...