Deemed income on excess consideration becomes taxable where a specified fund fails prescribed conditions, triggering under reporting consequences. Clause (viib) is amended to include specified fund, and a further proviso provides that if a company previously exempted under notification conditions later fails those conditions, any consideration for issue of shares exceeding fair market value is deemed the company's income for the year of failure and is treated as under reported income invoking the misreporting consequences. The Explanation defines specified fund as an India incorporated trust, company, LLP or body corporate registered as a Category I or II Alternative Investment Fund, and defines trust by reference to the Indian Trusts Act or other law.