Section 56(2)(viib) lays down that where a private limited company receives any consideration from any person being a resident, for issue of shares that exceeds the face value of such shares, the aggregate consideration received for such shares as exceeds the fair market value of the shares shall be chargeable to tax under the head Income from Other Sources. This clause shall not apply where the consideration for issue of shares is received - by a venture capital undertaking from a venture capital company or a venture capital fund; or by a company from a class or classes of persons as may be notified by the Central Government in this behalf. The Central Government vide Notification No SO 1131(E) dated 5th March 2019 has notified that the
provisions of the above clause shall not apply to a company which fulfils the conditions specified in para 4 of the notification number G.S.R. 127(E), dated the 19th February, 2019(Deductions - In Respect Of Specified Business - Startup India) issued by the Ministry of Commerce and Industry in the Department for Promotion of Industry and Internal Trade.
https://incometaxindia.gov.in/communications/notification/notification_13_2019.pdf