DIPP : Acts on news reports about angel investors' notices, takes up matter with DoR

Department of Industrial Policy and Promotion (DIPP) issues clarification on IT Notice to Angel Investors/Start-ups; States that DIPP has put in place a mechanism since April 2018 to grant exemption from the provisions of Section 56(2)(viib) to genuine investors in recognized start-ups; Clarifies that it has taken up matter of issue of income-tax notices with the Department of Revenue (DoR) to avoid harassment of Angel Investors or Start-ups; Re-iterates that Government is committed to protecting bona fide investments into start-ups.