https://www.taxtmi.com/caselaws?id=5984 The dominant issue was whether a stock exchange membership card and the consideration arising from exercise of nomination rights could be treated as the assessee's "property" or as money "due" to the assessee so as to permit provisional attachment under s 281B and a garnishee notice under s 226(3) of the Income-tax Act. SC held that membership is a personal privilege, non-transferable and incapable of alienation except as permitted by exchange rules; the nomination right is not automatic and, once vested, belongs absolutely to the exchange, with consideration to be applied as per the rules. As the legal heirs neither exercised nomination nor discharged dues, the exchange validly exercised its vested nomination right; consequently, no attachable property or debt existed, and the attachment and garnishee notice were quashed and the appeal allowed. en-us Fri, 02 Mar 2001 00:00:00 +0530 Sat, 20 Dec 2025 23:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5984 The dominant issue was whether a stock exchange membership card and the consideration arising from exercise of nomination rights could be treated as the assessee's "property" or as money "due" to the assessee so as to permit provisional attachment under s 281B and a garnishee notice under s 226(3) of the Income-tax Act. SC held that membership is a personal privilege, non-transferable and incapable of alienation except as permitted by exchange rules; the nomination right is not automatic and, once vested, belongs absolutely to the exchange, with consideration to be applied as per the rules. As the legal heirs neither exercised nomination nor discharged dues, the exchange validly exercised its vested nomination right; consequently, no attachable property or debt existed, and the attachment and garnishee notice were quashed and the appeal allowed. Case-Laws Income Tax Fri, 02 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5984