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Kandoli Tea Company Case Summary

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Corporation is legal entity personality means that corporation in the eye of law is considered as a legal person having certain rights and duties which are imposed on that corporation by law, every state has its own separate corporate law through which the corporation governs but certain principles in corporate law is universal and are worldwide like corporation has the right to buy the property and sell the property owned by the corporation if any torts has been committed or any breach of contract has been committed either by the corporation or the counterparty , the corporation can bring a suit against that party and in force contact against the party who has violated any term of the contract if enforceable and if the …show more content…

There are numerous cases on this point but I will refer a few of them.
Case title: Kandoli Tea Company case (1886):
Facts of the case: There were certain persons in Kandoli Tea Company who transferred their properties in the name of the Tea Company with the bad intent to avoid tax exemption from such property because tax was payable on that very property,
Petition: Petition was moved to the court of law in which they were claiming exemption from payment of tax on the ground that they did not have any taxable property on their name because the same has been transferred to the Kandoli Tea Company’s name.
Judgment: The court of law after full scrutiny of the record available gave his verdict that as company is a separate legal entity from their share holders and the property is transferred to the name of the company so the same property should be treated as transferred and the petitioners are liable to any kind of tax. (The Kondoli Tea Co. Ld. vs Unknown ,

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