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of <h1>Section 34 Amendment: Depreciation Deductions for Capital Asset Transfers Between Holding and Subsidiary Companies Revised.</h1> In the amendment to Section 34 of the Income-tax Act, the explanation to clause (i) of subsection (2) is revised. It specifies that when a capital asset is transferred between a holding company and its subsidiary, or between companies in an amalgamation scheme, and certain conditions in Section 47 are met, the calculation of aggregate depreciation deductions must include those allowed for the transferring company.
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