Ashneer Grover calls out Income Tax department's notice asking for 3-year ITR details of investors from startups

livemint.com:

startups (a few in my portfolio as well) have received Income Tax notices asking to furnish information about shareholders," he said in his tweet. He later went on to regard the need to fulfil details of investors ITR as contradictory to the situation and asked the need for companies to have shareholders' ITR and why shareholders will share their ITR with startups.

At the end he also requested Finance Minister Nirmala Sitharaman to look into the matter. “Bahut interesting hai - they are asking start-up companies to furnish 3 year ITR of all shareholders.

1) How and why will companies have ITR of shareholders ! 2) Why would a shareholder/individual share their ITR with a private company ?And reason likha hai ‘to establish creditworthiness of shareholders’ ? Kyun ? Company shareholder ko loan thode nahi de rahi ? Ulta shareholder ne company mein equity daal rakhi hai. Request @FinMinIndia to please look at it," he tweeted on Friday.