section 56(2)(viib)

in case of closely held company like private company or unlisted public company where public are not substantially interested.

if that company issue shares more than it's FACE value.i.e at premium.

then in this case difference between issue price and FMV of share as on issue of that shares will taxable in hands of company under head " INCOME UNDER OTHER SOURCES".

THANKS

1. According to sec 56(2)(viib) where a company other than the company in which public are substantially interested in receives any amount as consideration in excess of face value of such shares and such consideration exceeds the fair market of shares then the excess amount will be taxable under the head Income from Other Sources. 
2. There are a lot of conditions and definitions attached to the above transactions. For a further explanation go through the bare acts. Amendments were made effective from 01.04.2019 relating to the above transaction. 
Please correct me if the above solution has an alternative view.