Application amount computation: disallowance and related party adjustment rules now apply mutatis mutandis to exemption application calculations. The amendment inserts an explanation that specified disallowance rules and related party/transaction adjustment provisions shall, mutatis mutandis, apply ... Summary
Application amount computation: disallowance and related party adjustment rules now apply mutatis mutandis to exemption application calculations.
The amendment inserts an explanation that specified disallowance rules and related party/transaction adjustment provisions shall, mutatis mutandis, apply when determining the amount applied to charitable or similar purposes under the exemption clauses, thereby requiring those computational and limitation rules used for business income to govern calculation of application amounts.
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