2004 (11) TMI 308

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....t held by the assessee for purposes of the WT Act, 1957. According to the CIT(A), the Madras Stock Exchange Ltd. allowed the assessee a privilege and did not confer on the assessee any property which could be transferred. Copies of the memorandum and articles of association of the Madras Stock Exchange have been filed. The articles of association under the head "membership" stated that the number ....

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....d thereto and no such attempted assignment, mortgage, pledge, hypothecation or charge shall be effective as against the exchange for any purpose, nor shall any right or interest in any membership other than the personal right or interest of the member therein be recognised by the exchange. The council shall expel any member of the exchange who acts or attempts to act in violation of the provisions....