1. As per sec 56(2)(viib) in case of a rights issue shares where the aggregate consideration paid to acquire rights issue compared to the FMV exceeds Rs. 50,000 then the difference shall be taxable under the head Income from other sources.
2. In the given case, if the difference between FMV and consideration paid to the company exceeds Rs. 50,000 then the difference amount will be subject to tax under the head Income from Other Sources in the hands of the subscriber of the rights issue.
3. And with respect to Capital assets, it is just a rights issue and not transfer of capital asset. Sec 50CA deals only with the transfer of shares and rights issue cannot be considered as transfer and hence it cannot be invoked in the given case.
Please correct me if the above solution has an alternative view.