A Corporate Law Case
The Certain person transferred a tea estate to a company and claimed compensation from ad valorem duty (An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT)) on the ground that it was a transfer from themselves to themselves under another name. The court rejected their plea and observed that is a separate person altogether different from shareholders and transfer was much a conveyance a transfer of a property.
The Certain person transferred a tea estate to a company and claimed compensation from ad valorem duty (An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT)) on the ground that it was a transfer from themselves to themselves under another name. The court rejected their plea and observed that is a separate person altogether different from shareholders and transfer was much a conveyance a transfer of a property.
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