Is angel tax becoming a lost cause due to over-obsession with valuation?

The tax was implemented in 2012 to curb the flow of black money into private enterprise. That mission seems to have given way to the mathematical zeal of the tax man

As the ‘angel tax’ continues to roil the start-up ecosystem with the tax authorities serving demand notices on new ventures, methods used for the valuation of an enterprise seeking to raise funds are coming to the fore in the ongoing controversy.

Lawmakers has passed the angel tax regulations back in 2012 with an intention to curb the flow of black money into private enterprise. The mandate was to check attempts to launder money by using the fund infusion route to convert black money into white. However, industry watchers are of the opinion that current focus is far removed from the