Valuation as per Rule 11UA

56(2)(x)?-where any person receives?any property,?other than immovable property,—

(A)?without consideration, the?aggregate FMV of which exceeds Rs 50,000, the whole of the aggregate FMV of such property;

(B) for?a consideration which is less than the aggregate FMV of the property by an amount exceeding Rs 50,000?, the aggregate fair market value of such property as exceeds such consideration .

(FMV for such purpose, shall be determined as per Rule 11UA)

50CA-Where the consideration received or accruing on transfer of a?capital asset, being unquoted share, is less than the FMV of such share, such FMV shall be deemed to be the full value of consideration received or accruing as a result of such transfer:

(FMV for such purpose , shall be determined as per Rule 11UA)

56(2)(viib) -where a company,?not being a company in which the public are substantially interested, receives from any person being a resident,?any consideration for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the FMV of the shares, shall be chargeable to Income-tax under the head "Income from other sources"

This shall not apply where the consideration for issue of shares is received by a VC undertaking from a VC company or a VC fund?.

For this purposes FMV of the shares shall be higher of

(a) Value determined as per Rule 11UA

(b) Value as may be substantiated by the company to the satisfaction of the AO ( based on the value, on the date of issue of shares, of its assets, including intangible assets )Va