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Shares alloted to director at less than fmv

This query is : Resolved 
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(Querist)
10 June 2017 A Private Limited company allotted shares to one director during F.Y. 2014-15 case is under scrutiny at ITO. In that period the FMV of shares was Rs. 60/- per share. But allotment made at Rs. 10/- per share. Now the AO is going to taxed it in the hands of director under section 56(2) of I.T. Act, 1961.

Please suggest me is there any way to avoid the tax & penalty in the hands of director.
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Amol S Joglekar

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Amol S Joglekar (Expert)
12 July 2017 is it exceeding Rs.50,000/-?
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SANDHYA

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SANDHYA (Querist)
12 July 2017 Yes it is more then 50000/-. It is in lakh.
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Amol S Joglekar

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Amol S Joglekar (Expert)
12 July 2017 as per section 56, the difference shall be treated as income.
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