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of <h1>CBDT Clarifies Tax Assessment for Startups: Recognized Startups Exempt from Section 56(2)(viib) Scrutiny, Unrecognized Require Approval.</h1> The circular clarifies the assessment process for Startup Companies regarding the application of section 56(2)(viib) of the Income-tax Act, 1961. It addresses cases where notices were issued before or after the Department for Promotion of Industry and Internal Trade (DPIIT) notification on 19.02.2019. The DPIIT notification exempts recognized startups from certain tax provisions if they meet specific conditions. The Central Board of Direct Taxes (CBDT) specifies that for startups recognized by DPIIT, scrutiny related to section 56(2)(viib) will not be pursued. For unrecognized startups, scrutiny will proceed only with supervisory approval.
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