Election to claim capital expenditure deduction: deduction available only if taxpayer opts and deduction is allowed.

The amendment requires the assessee to elect to claim the one hundred per cent deduction under section 35AD for capital expenditure on specified business in the previous year when the expenditure is incurred, converting the deduction into an option. It further provides that the prohibition on claiming the same expenditure under any other provision or in any other year applies only if the deduction has been claimed and allowed under section 35AD.

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