what is section 56(2)(x)

for f/y 17 -18 section 56(2)(vii) is now section section 56(2)(x)

It is a amendement by the Finance Act, 2017; Main aspects of amendement are:
1) It is very much similar to combination of section 56(2)(vii) section 56(2)(viia).
2) Unlike section 56(2)(vii), which is applicabke to individual and HUF; and 56(2)(viia) applicable to closelyheld companies, this section is applicable to all assessees.
3) Many transactions which was not considered transfer by virtue of section 47 have been added as proviso to section 56(2)(x).
4) However transactions like Transfer from Subsidiary to indian holding company and Trasfer from Holding to indian subsidiary company are not added in proviso.