Taxability on allotment of euity share by Pvt. Ltd. company

Sec. 56 (2)(vii) / Sec. 56(2)(viia) - Can a private limited company issue shares below its book value??? Will it amount to gift in the hands of receipient of shares??

Same will be case with issue of right shares/ Bonus shares?? -

Sec. 56(2)(vii) talks about transer of shares - so does it apply also to allotment/bonus/right shares??

Relevant case laws : Gopal Jalan &co. V Calcutta Stock exchange AIR 1964sc 250

Khoday Distilleries Ltd. V. CIT , 307 ITR 312 (SC)