1954 (8) TMI 33

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....icant:- B. Dayal, Advocate. For the Opposite parties. :- Standing Counsel. ORDER Bhargava, J. - The petitioners in all these writ petitions are the shareholders of the District Syndicate Bulandshahr, Limited, a limited company incorporated under the Indian Companies Act. Sales tax has been assessed on this company for the assessment years 1948 and 1949. After the assessment, the Collector....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....an entity separate and distinct from its shareholders. The shareholders, it has always been held, have no interest in the assets of the company and are not personally liable for the debts or liabilities of the company. It does not appear to be necessary to refer to cases in which this principle has been clearly laid down as it has been very well recognised. In these circumstances, since the sales ....