(f)the expenditure incurred by an association of persons or a body of individuals (other than a company, or a co-operative society or society registered under the Societies Registration Act, 1860, or under any law corresponding to that Act in force in any part of India) in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, made to a member of such association or body, provided that—(i)where the interest has been paid by the association or the body to its member and such member has also paid interest to the association or the body, then only such excess interest, if any, paid by the association or body shall not be allowed under this clause;(ii)where an individual is a member of an association or a body on behalf, or for benefit of any other person, such member and any other person shall be referred as "representative member" and "person so represented", respectively, then, the provisions of this clause––(A)shall not be applicable in respect of interest paid to or received from, such individual otherwise than in his capacity as a representative member;(B)shall be applicable in respect of interest paid to or received from, an individual in his capacity as a representative member and, the person so represented;(C)shall not be applicable in respect of interest paid to a member, otherwise than as representative member, on behalf or for the benefit of any other person.
