Grossing up distributed income to align additional income-tax with actual mutual fund distributions. The amendment requires the distributed income to be increased so that, after reduction of the additional income-tax on the increased amount at the specified rate, it equals the income distributed by the mutual fund; additionally, a formerly applicable auxiliary provision (sub-section (3A)) is omitted.
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Provisions expressly mentioned in the judgment/order text.
Grossing up distributed income to align additional income-tax with actual mutual fund distributions.
The amendment requires the distributed income to be increased so that, after reduction of the additional income-tax on the increased amount at the specified rate, it equals the income distributed by the mutual fund; additionally, a formerly applicable auxiliary provision (sub-section (3A)) is omitted.
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