Different financial year for consolidation: Central Government may permit non-year periods as a company's financial year on application. The amendment allows companies that are a holding company, subsidiary or associate of an entity incorporated outside India and required to follow a different financial year for consolidation abroad to apply to the Central Government for permission to adopt any period as their financial year, whether or not that period is a year; pending Tribunal applications at the commencement of the Act are to be disposed under pre-amendment provisions, and a drafting change replaces 'Provided further that' with 'Provided also that' in the second proviso of clause (41).
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Provisions expressly mentioned in the judgment/order text.
Different financial year for consolidation: Central Government may permit non-year periods as a company's financial year on application.
The amendment allows companies that are a holding company, subsidiary or associate of an entity incorporated outside India and required to follow a different financial year for consolidation abroad to apply to the Central Government for permission to adopt any period as their financial year, whether or not that period is a year; pending Tribunal applications at the commencement of the Act are to be disposed under pre-amendment provisions, and a drafting change replaces "Provided further that" with "Provided also that" in the second proviso of clause (41).
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