{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"154","heading":"Amendment of section 182","text":"Amendment of section 182. 154. In the Companies Act, 2013, in section 182— (i) | in sub-section (1),— (a) | first proviso shall be omitted; (b) | in the second proviso,— (A) | the word \"further\" shall be omitted; (B) | the words \"and the acceptance\" shall be omitted; (ii) | for sub-section (3), the following shall be substituted, namely:— \"(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates. (3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account: Provided that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties.\".","html":"<p><b> Amendment of section 182.</b></p><p><b> 154.</b> In the Companies Act, 2013, in section 182—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (1),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>first proviso shall be omitted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in the second proviso,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>the word \"further\" shall be omitted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>the words \"and the acceptance\" shall be omitted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>for sub-section (3), the following shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>\"(3) Every company shall disclose in its profit and loss account the total amount contributed by it under this section during the financial year to which the account relates.</td></tr><tr><td></td><td></td><td>(3A) Notwithstanding anything contained in sub-section (1), the contribution under this section shall not be made except by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank account:</td></tr><tr><td></td><td></td><td><b>Provided</b> that a company may make contribution through any instrument, issued pursuant to any scheme notified under any law for the time being in force, for contribution to the political parties.\".</td></tr></table></div>","words":162,"text_source":"published"},"classification":[],"instruments":[],"judgments":[{"cnr":"SCIN010023442018","order":"order-13.pdf","title":"Association For Democratic Reforms vs Union Of India","court":"SC","court_name":"Supreme Court of India","date":"2024-02-15","citation":"2024 INSC 113","precedential_value":"Binding (Supreme Court Constitution Bench)","court_marking":"reportable","ratio_decidendi":"The Electoral Bond Scheme violates Article 19(1)(a) by preventing disclosure of electoral contributions essential to informed voting. Voters have fundamental right to information about political funding as political parties are focal units in electoral system affecting policy outcomes. The purposes cited (curbing black money and protecting donor privacy) do not justify this extensive non-disclosure. Alternative measures like Electoral Trusts, direct banking channels with disclosure at Rs. 20,000+ threshold, and sector-specific audit requirements satisfy the objectives with lesser impact on fundamental rights. Removal of contribution caps in Section 182 of Companies Act is manifestly arbitrary as it fails to distinguish between profit-making and loss-making companies and treats corporations like individuals despite different capacities to influence politics. The right to know trumps donor privacy in balancing analysis as political contributions are public acts affecting public policy and representative democracy.","applied_to_this_section":"Removed 7.5% cap on corporate political donations and removed requirement to disclose party-wise contributions. Both aspects held unconstitutional.","basis":"cited","decided_under":null,"url":"https://ecourtsindia.com/cnr/SCIN010023442018/order-13"}],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/154/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}