9911796707
TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... 89, w.e.f. 1-4-1989; Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-4-1990; Finance Act, 1989, w.e.f. 1-4-1990 and Finance Act, 1994, w.r.e.f. 1-4-1978, read as under : ' 80CC. Deduction in respect of investment in certain new shares.- (1) Where an assessee, being- (a) an individual, or (b) a Hindu undivided family, (c) [ * * * ] has acquired in the previous year (being a previous year relevant to the assessment year, commencing on the 1st day of April, 1979, or any subsequent assessment year) out of his income chargeable to tax, equity shares forming part of any 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 Trus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... istered 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 or thing, not being an article or thing specified in the list in the Eleventh Schedule; or (ii) providing long-term finance for construction or purchase of houses in India for residential purposes : Provided that in the case of a public company carrying on the business referred to in sub-clause (ii), such company is approved by the Central Government for the purposes of this section; or (iia) a hospital; or (iii) a hotel approved by the prescribed authority; or (iv) operation of ships; (b) the issue is an issue of capital made by the company for the first ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee has- (i) subscribed to the shares in pursuance of an offer for subscription to the public made by the public company or in pursuance of a reservation or an option in his favour by reason of his being a promoter of the company; or (ii) purchased the shares from a person who is specified as an underwriter in respect of the issue of such shares in pursuance of clause 11 of Part I of Schedule II to the Companies Act, 1956 (1 of 1956), and who has acquired such shares by virtue of his obligation as such underwriter. (5) If any equity shares, with reference to the cost of which a deduction is allowed under sub-section (1), are sold or otherwise transferred by the assessee to any person at any time within a period of three y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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