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Co’s fulfilling conditions of ‘Angel Tax Notification’ eligible for Sec. 56(2)(viib) relief: CBDT

March 6, 2019
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The Central Board of Direct Taxes (CBDT) has issued a new notification clarifying that the provisions of Sec. 56(2)(viib) shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares, if the said consideration has been received by a company which fulfils the conditions as specified in the para 4 of DPIIT notification dated 19-02-2019.
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