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I.e., either rejecting him entirely, as do the Jews, or - as is the case with the Christians - deifying him.
Lit., "from the manifestation (mashhad) of an awesome Day", i.e., the Day of Judgment.
Judgment: the word in the original is Mash-had, which implies many things: (1) the time or place where evidence is taken, as in a Court of Judgment; (2) the time or place where people are produced (to be judged); and (3) the occasion for such production for the taking of evidence. A very expressive phrase for the Day of Judgment.