In Mrs. Bacha F. Guzdar v. Commissioner of Income Tax, Bombay, A.I.R. 1955 S.C. 74, the Supreme Court held that a shareholder of a company:

1. Lesson 1's discussion of separate property reproduces the Bacha F. Guzdar ruling. 2. The Court held that the income of a tea company, though 60% exempt as agricultural in the company's hands, did not retain that character in the shareholder's hands when received as dividend. 3. A shareholder does NOT, as erroneously believed by some, become a part-owner of the company or its property. 4. He has only specific statutory rights — to receive notice, to attend, to vote at meetings — and no insurable interest in the company's assets (R.F. Perumal v. H. John Deavin, AIR 1960 Mad 43). _Source: ICSI CS Executive Paper 2 (Company Law) — Lesson 1: Introduction to Company Law, pp. 2-35._