Deduction for Equity Linked Savings Scheme investments limited under tax law; returned amounts are treated as taxable income. Deduction is allowed to an individual or Hindu undivided family for investment in units of specified mutual funds or the Unit Trust of India under a Government notified Equity Linked Savings Scheme, up to the prescribed monetary ceiling; investments made on or after the statutory cutoff are excluded. Any amount returned by repurchase or on termination of the plan in respect of units for which a deduction was allowed is deemed income of the assessee in the year of return and chargeable to tax, and the same deeming rule applies where partition or dissolution leads to receipt of such income.