Supreme Court · 2014 INSC 678 · Decided 25 September 2014
The Stock Exchange, Bombay v. V. S. Kandalgaonkar & ORS.
- Court
- Supreme Court of India
- Citation
- 2014 INSC 678 · [2014] 14 S.C.R. 409
- Case number
- CIVIL APPEAL No. 4354/2003
- Decided
- 25 September 2014
- Bench
- RAJENDRA MAL LODHA, KURIAN JOSEPH, R.F. NARIMAN (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 372; Income Tax Act
Headnote
409 THE STOCK EXCHANGE, BOMBAY v. V. S. KANDALGAONKAR & ORS. (Civil Appeal No. 4354 of 2003) SEPTEMBER 25, 2014 (R. M. LODHA, CJI, KURIAN JOSEPH AND R. F. NARIMAN, JJ.) Income Tax Act, 1961: A B s.226(3) - Assessee in default of income tax - Such C assessee, also declared a defaulter member to exercise the rights and privileges that may be D given subject to Rules, Bye-Laws and Regulations of Stock Exchange - Therefore, the proceeds of a membership card cannot be paid over to Income Tax Department for the dues of the members -As regards securities deposited with Stock
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