News and Press Release - Dated:- 11-2-2019 - Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, 8th February, 2019 PRESS RELEASE It has come to the notice of CBDT, through some media reports that ₹ 36 lakh have been recovered from a startup, namely, Travel Khana as part of recovery of outstanding demand on account of Angel Tax. It has been alleged that this was in violation of the CBDT instructions dated 24th December, 2018 pertaining to recovery of dues in Angel Tax cases. On ascertaining the facts it is seen that the additions in the case were made under section 68 of the Income-tax Act, 1961 on account of unexplained cash credits & not under section 56(2)(viib) on account of premium on shares, as has been alleged. During the assessment proceedings, the assessing officer requested for confirmation of the persons from whom deposits had been received. Wherever confirmations were submitted, the same were accepted by the asse

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