Aggregate depreciation limitation where a company is succeeded by an LLP, capping joint allowance as if no succession occurred.

The amendment inserts clause (xiiib) into the fifth proviso of section 32(1) to provide that where a private company or unlisted public company is succeeded by a limited liability partnership, the aggregate depreciation allowable to the predecessor company and the successor LLP in any previous year shall not exceed the deduction computed at the prescribed rate as if no succession had taken place, with apportionment between entities as previously provided.

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