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of <h1>Amendment to Section 32: Depreciation Deductions Limited in Succession, Amalgamation, Demerger; Apportionment Based on Asset Usage.</h1> Section 32 of the Income-tax Act is amended to revise the fourth proviso in sub-section (1), clause (ii), effective April 1, 2000. The amendment stipulates that the total allowable depreciation deduction for tangible and intangible assets in cases of succession, amalgamation, or demerger should not exceed the prescribed rates as if such events had not occurred. The deduction must be apportioned between the predecessor and successor, or the respective companies involved in the amalgamation or demerger, based on the duration of asset usage by each party.
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