https://www.taxtmi.com/caselaws?id=11968 The membership right of a defaulting broker was treated as a personal privilege, so the sale proceeds of the membership card itself were not attachable under income-tax recovery provisions. However, the balance surplus payable out of those proceeds to the defaulter or official assignee was reachable through garnishee proceedings because it represented money payable through the exchange. The broker's security deposit, margin money, deposited securities, receivables and credit balances with the exchange and clearing house were also treated as attachable assets. The exchange's distribution rules could not defeat the statutory priority of Government dues, which ranked ahead of the exchange, clearing house and other creditor-members. en-us Thu, 27 Mar 2003 00:00:00 +0530 Mon, 02 Apr 2012 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11968 The membership right of a defaulting broker was treated as a personal privilege, so the sale proceeds of the membership card itself were not attachable under income-tax recovery provisions. However, the balance surplus payable out of those proceeds to the defaulter or official assignee was reachable through garnishee proceedings because it represented money payable through the exchange. The broker's security deposit, margin money, deposited securities, receivables and credit balances with the exchange and clearing house were also treated as attachable assets. The exchange's distribution rules could not defeat the statutory priority of Government dues, which ranked ahead of the exchange, clearing house and other creditor-members. Case-Laws Income Tax Thu, 27 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11968