(2)[ Where any amount-(a)standing to the credit of the assessee ] [under the scheme referred to in clause (i) of sub-section (1)] [ Substituted by Act 49 of 1991, Section 25, for " under the National Savings Scheme" (w.e.f. 1.10.1991).][in respect of which a deduction has been allowed under sub-section (1) together with the interest accrued on such amount is withdrawn in whole or in part in any previous year, or [Substituted by Act 26 of 1988, Section 23, for Section 80-CCA (w.e.f. 1.4.1988).](b)is received on account of the surrender of the policy or as annuity or bonus in accordance with the annuity plan of the Life Insurance Corporation in any previous year, an amount equal to the whole of the amount referred to in clause (a) or clause (b) shall be deemed to be the income of the assessee of that previous year in which such withdrawal is made or, as the case may be, amount is received, and shall, accordingly, be chargeable to tax as the income of that previous year:][Provided that nothing contained in this sub-section shall apply to any amount received by the assessee on account of the surrender of the policy in accordance with the terms of the annuity plan of the Life Insurance Corporation where the assessee elects to surrender before the 1st day of October, 1992, the said annuity plan in respect of which he had paid any amount under clause (ii) of sub-section (1) before the 1st day of April, 1992.] [ Inserted by Act 18 of 1992, Section 42 (w.e.f. 1.4.1993).]
