KAPADIA S.H., J.:---By this petition, Stock Exchange Mumbai seeks to challenge notice under section 226(3) of the Income Tax Act dated 5th October, 1995 as also a prohibitory order dated 10th May, 1996 under section 222 of the Income Tax Act served on the petitioner whereby the Stock Exchange is restrained from making any payment of the debt due to Suresh D. Shah, Member-Broker on the Bombay Stock Exchange (BSE) on the ground that the said Broker had failed to pay arrears of income-tax amounting to Rs. 37,48,651.00. In other words, Bombay Stock Exchange is the Garnishee who is prohibited from making payment of the debt to the assessee in default Suresh D. Shah. Under the said prohibitory order dated 10th May, 1996, Stock Exchange Membership Card allotted to the broker for doing business and his accounts in the books of BSE were attached/frozen. Being aggrieved by the aforestated two orders, the Stock Exchange has filed this petition.

FACTS :

2. Petitioner is a Stock Exchange recognized by the Central Government under Securities Contracts (Regulation) Act, 1956 and constituted with the main object of protecting, in public interest, the status of brokers, dealers and investors