Deduction for investment in eligible equity issues with specified subscription conditions and recapture on early transfer. Section 80CC allowed individual and HUF assessees a deduction of fifty per cent of the cost of specified equity shares or qualifying mutual fund/UTI units ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Deduction for investment in eligible equity issues with specified subscription conditions and recapture on early transfer.
Section 80CC allowed individual and HUF assessees a deduction of fifty per cent of the cost of specified equity shares or qualifying mutual fund/UTI units acquired out of taxable income, provided the investment was in an eligible issue of capital by a public company meeting prescribed business, offering and other conditions. The deduction required acquisition by public subscription, promoter reservation or purchase from an underwriter, was subject to an aggregate cost limitation to be specified by the assessee, treated certain post-year payments as cost, and contained a recapture rule deeming fifty per cent of the cost of shares sold within three years to be taxable income.
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