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2017 (1) TMI 177 - RAJASTHAN HIGH COURTCapital asset treatment - transfer of membership ticket of stock exchange - Held that:- The membership of Stock Exchange is a personal privilege or a license and not a Capital Asset within the meaning of sec.2(14) of the Income Tax Act. As such admission fee paid by the assessee cannot be treated to be cost of acquisition. See M/s Techno Shares & Stocks Ltd. Versus The Commissioner of Income Tax IV [2010 (9) TMI 6 - SUPREME COURT OF INDIA ] and Stock Exchange, Ahmedabad Versus Assistant Commissioner of Income-Tax [2001 (3) TMI 2 - SUPREME Court ] . The questions are therefore answered in favour of the assessee and against the department.
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