PRISM Gets ₹3,885 Cr Angel Tax Relief

Hotel aggregator OYO, rebranded as PRISM, received a tax relief of ₹3,885.51 Cr from the Income Tax Appellate Tribunal. The tribunal reversed an assessing officer's addition of that amount as income under section 56(2)(viib) of the Income-tax Act, 1961, related to share premium from parent entity Oravel Stays Ltd.