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of <h1>Government Companies Financing Industrial Projects Exempt from Clause 209(3)(b) per Companies Act 1956 Notification</h1> The Central Government, under section 620(1) of the Companies Act, 1956, has issued a notification stating that clause (b) of subsection (3) of section 209 will not apply to government companies involved in financing industrial projects and approved under section 36(1)(viii) of the Income-tax Act, 1961. This exemption relates to income from interest on loans and advances, provided that any such accrued income not recorded in the books is disclosed in the annual accounts. This notification was presented in draft form to both Houses of Parliament as mandated by section 620(2) of the Companies Act.
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