https://www.taxtmi.com/caselaws?id=97838 The note addresses Section 346's effect when a managing-agent is a firm: the Central Government may grant "further time" to defer the firm ceasing to act, and such further time governs the period of continuation regardless of whether all partners have applied for approval; approval must be accorded before expiry of the fixed period. Executive discretion to extend time is a jurisdictional act reviewable by courts only for want of jurisdiction; the government's two extensions were treated as valid. Parties who continued as managing agent and accepted the extensions are estopped from challenging them. en-us Wed, 10 Aug 1960 00:00:00 +0530 Wed, 18 Jan 2012 12:51:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97838 The note addresses Section 346's effect when a managing-agent is a firm: the Central Government may grant "further time" to defer the firm ceasing to act, and such further time governs the period of continuation regardless of whether all partners have applied for approval; approval must be accorded before expiry of the fixed period. Executive discretion to extend time is a jurisdictional act reviewable by courts only for want of jurisdiction; the government's two extensions were treated as valid. Parties who continued as managing agent and accepted the extensions are estopped from challenging them. Case-Laws Companies Law Wed, 10 Aug 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97838