Tax recovery from 'Travel Khana' isn't on account of angel tax: CBDT

The Central Board of Direct Taxes (CBDT) has clarified that additions in the case of ‘Travel Khana’ were made under section 68 of the Income-tax Act, 1961 on account of unexplained cash credits & not under section 56(2)(biib) on account of premium on shares as has been alleged. Some media has reported that Rs. 36 lakh have been recovered from startup, namely, Travel Khana as part of recovery of demand on account of angel Tax

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