This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Sale of stock exchange membership card of a defaulting member by Exchange amounts to transfer under the Income Tax Provisions
Case Law Details
- Case Name
- CDR. P. J. Mathew Vs ITO (Kerala High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Kerala High Court
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...
