CBDT: Further relaxes conditions for exemption from Sec 56(2)(viib) applicability for startups

Aug 12,2019

CBDT relaxes conditions for granting Sec 56(2)(viib) exemption to eligible startups, clarifies that exemption would be available even to those startups where addition is made u/s 56(2)(viib) in assessment order passed prior to 19.02.2019, subject to fulfilment of applicable conditions and submission of Form 2; As per proviso to Sec 56(2)(viib), the provision is not applicable to class of assessees as may be notified by the Central Government in this behalf; Vide D...

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