additions, by whatever name called; Civil Appeal No. 7708 of 2014 & Ors. Page 4 of 17(c) the value of any specified security or sweat equity shares shall be the fair market value of the specified security or sweat equity shares, as the case may be, on the date on which the option is exercised by the assessee as reduced by the amount actually paid by, or recovered from the assessee in respect of such security or shares; (d) “fair market value” means the value determined in accordance with the method as may be prescribed; (e) “option” means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a predetermined price; (vii) the amount or the aggregate of amounts of any contribution made to the account of the assessee by the employer— (a) in a recognised provident fund; (b) in the scheme referred to in sub-section (1) of Section 80-CCD; and (c) in an approved superannuation fund, to the extent it exceeds seven lakh and fifty