27.Substituted by the Finance Act, 2006, w.e.f. 1-4-2007. Prior to its substitution, clause (ib), as inserted by the Income-tax (Amendment) Act, 1986, w.e.f. 1-4-1987, read as under :

“(ib) the amount of any premium paid by cheque by the assessee as an employer to effect or to keep in force an insurance on the health of his employees under a scheme framed in this behalf by the General Insurance Corporation of India formed under section 9 of the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) and approved by the Central Government.”