TaxTMI 
TaxTMI 
Omitted
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....eligible issue of capital, or units of any Mutual Fund specified under clause (23D) of section 10 or units issued under any scheme of the Unit Trust of India established under section 3 of the Unit Trust of India Act, 1963 (52 of 1963), if the amount of subscription to any units, issued by the Mutual Fund or, as the case may be, the Unit Trust of India under such scheme, is subscribed only to eligible issue of capital, he shall, in accordance with and subject to the provisions of this section, be allowed a deduction in the computation of his total income of an amount equal to fifty per cent of the cost of such shares to him. Explanation.-Where in any previous year the assessee has acquired any shares referred to in this sub-section and ha....
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.... the prescribed authority; or (iv) operation of ships; (b) the issue is an issue of capital made by the company for the first time : Provided that this clause shall not apply in the case of an issue of equity shares made by a public company formed and registered in India with the main object of carrying on the business of operation of ships; (c) the shares forming part of the issue are offered for subscription to the public and such offer for subscription is made by the company before the 1st day of April, 1990; (d) such other conditions as may be prescribed : Provided that in the case of a company which had originally been incorporated as a private company but has become a public company under the provisions of the Companies Ac....
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....1), are sold or otherwise transferred by the assessee to any person at any time within a period of three years from the date of their acquisition, an amount equal to fifty per cent of the cost to the assessee of the shares so sold or otherwise transferred shall be deemed to be the income of the assessee of the previous year in which the shares are so sold or transferred and shall be chargeable to tax accordingly. Explanation.-A person shall be treated as having acquired any shares on the date on which his name is entered in relation to those shares in the register of members of the company. (6) Where a deduction is claimed and allowed under sub-section (1) with reference to the cost of any equity shares, the cost of such shares shall no....