2003 (9) TMI 780

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....rivate Limited Company called M/s. R. G. Oil Private Limited which has its headquarters at Kanpur. There were tax dues against the company in respect of which a citation has been issued vide Annexure-1 to the petition. The petitioner has filed this petition alleging that the recovery cannot be pressed against the petitioner but can only be pressed against the assets of the company. He has relied on the decision of the House of Lords in Solomon v. Solomon and Co. Ltd., 1897 AC 12, in which it has been held that a Company is a distinct legal entity separate from its directors and shareholders. He has also relied on various decisions of this Court e.g., Shri Purshottamdas Beriwal v. Dy. Collector, 1989 UPTC 456 ; G. C. Mehrotra v. Dy. Colle....

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....of lifting the veil of corporate personality has been discussed in Subhra Mukherjee v. Bharat Cooking Coal Ltd., 2000 (3) SCC 312 ; Calcutta Chromotype Ltd. v. Collector of Central Excise, AIR 1998 SC ; New Horizons Ltd. v. Union of India, 1995 (1) SCC 478 ; C.I.T. v. Meenakshi Mills, AIR 1967 SC 819 ; Telco v. State of Bihar, AIR 1965 SC 40 and Juggilal Kamlapat v. C.I.T., AIR 1969 SC 932. (4) IN State of U. P. v. Renusagar Power Co., 1988 (4) SCC 59, the Supreme Court observed :   "It is high time to reiterate that in the expanding horizon of modern jurisprudence, lifting of corporate veil is permissible. Its frontiers are unlimited. It must however, depend primarily on the realities of the situation. The horizon of ....