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Section 56(2)(x) of IT Act applicable to UCBs?

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(Querist)
23 September 2019 Anyone can subscribe to shares of a Urban Co-operative Bank (UCBs in Gujarat).
However, If Shares of a Co-operative Bank are issued to Individual at Face Value of Rs. 100/- but the Book Value (As per Networth of the Bank as per bookvalue of closing balancesheet) of the Share is Rs. 500/-, then, whether difference of Rs. 400/- be treated as taxable income in the hands of Individual allotee of share u/s 56(2)(x) of IT Act amended w.e.f. AY 2018-19?
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Aashok Kumar Sharma online

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Aashok Kumar Sharma online (Expert)
04 June 2020 It should not be treated as taxable income until it is being sold. It is just notional profit.
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