Method of computing a member’s share in income of association of persons or body of individuals.

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....ion, sections 310 and 311, an association of persons or body of individuals shall not include a company or a co-operative society or a society registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India. (2) In computing the total income of an assessee who is a member of an association of persons or a body of individ....

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....ferred to in clause (a), if such apportioned amount is a loss, and the resultant amount shall be treated as the share of the member in the income of such association or body. (3) The share of a member in the income or loss of the association or body, as computed under sub-section (2), shall, for the purposes of assessment, be apportioned under the various heads of income in the same manner in w....