Landmark JudgmentSupreme Court of IndiaBacha F. Guzdar v. CIT, Bombay: a shareholder is not a part-owner of the company's assetsThe foundational Indian application of the Salomon principle — a shareholder owns shares, not the company's property, and the agricultural character of a tea company's income does not pass through to dividends in the shareholder's hands.Valkya Editorial·14 Jun 2026·8 min