Freinds
Section 293A of Co. Act,1956 states that a Co. not in existence for 3 financial years can not make political contribution.
Now suppose the co. Incorporated on 01.01.2007 with first F.Y. ending on 31.03.2007. Now can it make a political contribution on 01.04.2009(since 3 F.Y.'s are 31.03.2007,31.03.2008,31.03.2009) ? Bcoz words are used are Financial years & not the year.
Or It can not make political contribution before 01.01.2010 ?
Plz clarify, bcoz in books, author is of the view that contribution can not be made on 01.04.2009.
Section 293a
CA Sahil Singla.. (Service Tax ) (3746 Points)
28 October 2011
CAclubindia
