Omitted

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....d Diu," 4.  Omitted vide Section 35 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1994 before it was read as, "^1[88A. Rebate in respect of investment in certain new shares or units.  (1) Where an assessee being - (a) an individual; or (b) a Hindu undivided family; ^2[****] (c) ^3[****] has acquired, in the previous year, out of his income chargeable to tax, - (i) equity shares forming part of any eligible issue of capital; or (ii) units issued under any scheme of any Mutual Fund specified under clause (23D) of section 10 or of the Unit Trust of India, established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963), if the amount ....

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....ction (1) which are acquired by him in the previous year exceeds twenty-five thousand rupees, the deduction under that sub-section shall be allowed only with reference to such of those shares or units (being shares or units the aggregate cost whereof to the assessee does not exceed twenty-five thousand rupees) as are specified by him in this behalf. (3) For the purposes of this section, "eligible issue of capital" means an issue of equity shares which satisfies the following conditions, namely :- (a) the issue is made by a public company formed and registered in India and the issue is wholly and exclusively for the purposes of carrying on the business of - (i) construction, manufacture or production of any article....

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.... dividend when it was a private company; or (ii) any of the shares forming part of such issue is offered for subscription at a premium. Explanation 1 : If any question arises as to whether any issue of equity shares would constitute an eligible issue of capital for the purposes of this section, the question shall be referred to the Central Government whose decision thereon shall be final. Explanation 2 : In this sub-section and sub-section (4), "public company" shall have the meaning assigned to it in section 3 of the Companies Act, 1956 (1 of 1956). (4) The deduction under sub-section (1) shall not be allowed unless the assessee has - (i) subscribed to the shares in pursuance of an offer for sub....