Central Board of Direct Taxes ( CBDT) has issued a Notification No. 24/2018 dated 24th May, 2018 to notify that the provisions of section 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 consideration has been received for issue of shares by a registered start-up company in accordance with Notification No. GSR 364(E) dated 11th April, 2018.
This notification shall be deemed to have come into force retrospectively from 11th April, 2018.
Source: E-Gazette
