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

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..... s 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 purposes of sub-s .....

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..... ought forward losses or allowances shall be given before allowing deduction under sub-section (1). (4) The maximum allowable deduction under this section shall not exceed 50% of the total income as computed before allowing deduction under this section. - Clause 50 of the Bill provides for deduction in the case of specified associations for the interest and welfare of members of such associatio .....

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