In Re. Sir Dinshaw Maneckjee Petit, A.I.R. 1927 Bombay 371, the Court lifted the corporate veil because:

1. The Lesson 1 reproduction of Re. Sir Dinshaw Maneckjee Petit describes the facts: a wealthy assessee formed four private companies to receive his dividend and interest income, with each holding investment as his agent. 2. The companies handed the amounts back as "pretended loans", and on the books appeared as the recipient of the income. 3. The Court held the companies "did no business" and were nothing more than the assessee himself, ignoring the separate entity for tax purposes. 4. The case is the leading authority for lifting the veil to prevent tax evasion. _Source: ICSI CS Executive Paper 2 (Company Law) — Lesson 1: Introduction to Company Law, pp. 2-35._