Deduction denial for income from assets held by firms or associations prevents partners and members claiming it in personal returns.

The amendment modifies the deduction provision's wording to require income to "consist, in either case, only of" specified items (deemed effective from 1 April 1972) and inserts a new clause (deemed effective from 1 April 1976) declaring that where the income is derived from an asset held by or on behalf of a firm, association of persons, or body of individuals, no deduction under the provision is allowable to any partner or member in computing their total income.

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