Central Board of Direct Taxes ( CBDT) has issued Notification No. 13/2019 dated 5th March, 2019 in supersession of the 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 resident start-up company fulfilling the conditions specified in para 4 of the notification number G.S.R. 127(E), dated the 19th February, 2019 issued by the Ministry of Commerce
This notification shall be deemed to have come into force retrospectively from 19th February, 2019.
Source: E-Gazette
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