Applicability of Sec 56 of I.T.Act.

As on 31-03-2010 book value of shares of ABC P.Ltd. was Rs. 400/- . Issued share capital of the company was say 100000 shares of Rs. 10/- each. At present the company wants to issue fresh shares to new applicants at PAR (i.e. @ Rs 10/- each).  Now my questions are :

1) Will this dicision will attract the provisions of Section 56 of the I.T.Act in the hands of new share holders.

2) Is there any other problem from Income tax point .

Please guide.