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The court held that the income-tax authorities were entitled to pierce the veil of corporate entity and to look at the reality of the transaction to examine whether the corporate entity was being used for tax evasion.In this case, a separate corporate entity was brought into existence outside the taxable territory with the ulterior motive of evading the tax obligation by the assessee mills.For example, the Court has power to disregard the corporate entity if it is used for tax evasion or to circumvent tax obligation." Appear before the House of Lords concerning the principle of lifting the corporate veil Macaura own land on which stood timber.He sold the land and timber to a company he formed and received as consideration all the fully paid shares.It was held that As soon as citizens form a company, the rights guaranteed to them by article 19(1)c has been exercised and no restraint has been placed on the right and no infringement of that right is made.

Probably the finest place where you can watch top threesome porn starring hottest women online.In a sole proprietorship or partnership, the owners personally liable.For all intents and purposes, all acts taken by these two company types are taken by the owners themselves.He sold his business to the newly formed company, A Salomon & Co Ltd, and took his payment by shares and a debenture or debt of £10,000.Mr Salomon owned 20,000 £1 shares, and his wife and five children owned one share each.

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