Special provision in case of trade, profession or similar association.

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Full Text of the Document

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....m its members falls short of the expenditure incurred by such association solely for the protection or advancement of common interest of its members, then the amount so falling short shall be allowed as deduction from the income of such association under the head "Profits and gains of business or profession" and the remaining amount, if any, from its income under any other head. (2) For the purpo....