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.
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Section 293a
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Yes, it can make the contribution on Apr09, as if the co has started it''s business in the middle of the year, in this case it's March, then it shall be deemed that the co was in existence for the whole eyar & oplitical contribution can be made after 31.03.09.
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