Special provision for deduction in the case of trade, professional or similar association.(1) Notwithstanding anything

1. (2) In computing the income of the association for the relevant assessment year under sub-section (1), effect shall first be given to any other provision of this Act under which any allowance or loss in respect of any earlier assessment year is carried forward and set off against the income for the relevant assessment year.
2. (3) The amount of deficiency to be allowed as a deduction under this section shall in no case exceed one-half of the total income of the association as computed before making any allowance under this section.
3. (4) This section applies only to that trade, professional or similar association the income of which or any part thereof is not distributed to its members except as grants to any association or institution affiliated to it.]

¹ Ins. by Act 7 of 2017, s. 18 (w.e.f. 1-4-2018).

² Subs. by Act 4 of 1988, s. 126, for “section 28 to 43A” (w.e.f 1-4-1989).

³ Ins. by Act 5 of 1964, s. 11 (w.e.f. 1-4-1964).