https://www.taxtmi.com/caselaws?id=336489 The High Court held that the Stock Exchange Card held by a non-defaulting member of the Ahmedabad Stock Exchange qualifies as an "asset" under the Wealth Tax Act, 1957, and is thus subject to Wealth Tax. The court differentiated this case from prior Supreme Court decisions involving defaulting members and relied on the MS Techno Shares & Stocks Limited decision to support its decision. Consequently, the appeal was dismissed, ruling in favor of the Revenue and against the assessee. en-us Thu, 10 Nov 2016 00:00:00 +0530 Thu, 22 Dec 2016 14:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336489 The High Court held that the Stock Exchange Card held by a non-defaulting member of the Ahmedabad Stock Exchange qualifies as an "asset" under the Wealth Tax Act, 1957, and is thus subject to Wealth Tax. The court differentiated this case from prior Supreme Court decisions involving defaulting members and relied on the MS Techno Shares & Stocks Limited decision to support its decision. Consequently, the appeal was dismissed, ruling in favor of the Revenue and against the assessee. Case-Laws Wealth-tax Thu, 10 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336489