Section 32 amendment excludes asset transfers in schemes of amalgamation to Indian amalgamated companies from depreciation provisions. The amendment inserts an exclusion into the Explanation to clause (iii) of sub section (1) of Section 32 providing that a transfer of any asset in a scheme of amalgamation by the amalgamating company to the amalgamated company is not included where the amalgamated company is an Indian company, thereby narrowing the scope of the referenced provision for depreciation treatment.