Provision of section 56(2)(viib) of IT Act 1961, shall not apply to consideration received by a company for issue of shares that exceeds the face value of such shares in the case of Startup.

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....ment of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION NO. 13/2019 New Delhi, the 5th March, 2019 S.O. 1131(E).-In exercise of the powers conferred by clause (ii) of the proviso to clause (viib) of sub-section (2) of section 56 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of Government of India in the Ministry of Finance, Department of Revenue....