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Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961 - Income Tax - 16/2019

Extract

..... on of the Department for Promotion of Industry and Internal Trade (henceforth referred to as ‘DPIIT’) dated 19.02.2019 or even afterwards which are presently pending for disposal. These companies have been recognized by the DPIIT after the issue of their notification dated 19.02.2019. 2. The DPIIT vide notification no. G.S.R. 127 (E) dated 19.02.2019, has laid down that the provisions of section 56(2)(viib) of the I.T. Act, 1961 shall not apply to any consideration received by a Star .....

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Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961 - Income Tax

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..... y” on the single issue of applicability of section 56 (2)(viib), no verification on such issues will be done by the AOs during the proceedings u/s 143 (3)/147 of the I.T. Act, 1961 and the contention of such recognized Startup Companies on the issue will be summarily accepted. (ii) Where the Startup Company has been recognized by the DPIIT but the case is selected under “limited scrutiny” with multiple issues or under “complete scrutiny” including the issue u/s 56(2 .....

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Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961 - Income Tax

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