66. Omitted by the Finance Act, 2007, w.e.f. 1-4-2008. Prior its omission, proviso, as, inserted by the Finance Act, 2000, w.e.f. 1-4-2001, and later on amended by the Finance Act, 2001, w.e.f. 1-4-2001 read as under :

      “Provided that nothing contained in this sub-clause shall apply to the value of any benefit provided by a company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures or warrants directly or indirectly under any Employees’ Stock Option Plan or Scheme of the company offered to such employees in accordance with the guidelines issued in this behalf by the Central Government*.”

      *See Notification No. SO 1021(E), dated 11-10-2001 for Guidelines regarding Employees’ Stock Option Plan or Scheme.