Depreciation allowance set-off hierarchy clarified: business profits first, then other heads, then carry forward with exceptions. Amendments to section 32 expand depreciable ownership to include assets held 'wholly or partly', cap aggregate depreciation for succession and amalgamation with apportionment by days of use, and replace sub-section (2) with a hierarchy for unabsorbed depreciation: set off first against business or professional profits, then other heads, and thereafter carry forward with an eight-assessment-year limit except where a company is a sick industrial company, in which case the time limit is suspended until net worth equals or exceeds accumulated losses.