Depreciation deduction eligibility expanded to include earlier previous years under income tax law; amendment retroactive. The amendment broadens the temporal eligibility for depreciation deductions under section 32A by allowing the deduction in any previous year in which it is allowable or any earlier previous year not earlier than the year of acquisition, installation, or first use of the ship, aircraft, machinery or plant. It further omits the specified subsection, with both changes given retrospective effect to the stated commencement date.
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Depreciation deduction eligibility expanded to include earlier previous years under income tax law; amendment retroactive.
The amendment broadens the temporal eligibility for depreciation deductions under section 32A by allowing the deduction in any previous year in which it is allowable or any earlier previous year not earlier than the year of acquisition, installation, or first use of the ship, aircraft, machinery or plant. It further omits the specified subsection, with both changes given retrospective effect to the stated commencement date.
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