Amendment of section 32

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Full Text of the Document

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....stituted with effect from the 1st day of April, 2011 - Clause 8 of the Bill seeks to amend section 32 of the Income tax Act relating to depreciation. The existing provisions contained in the aforesaid section provide that the aggregate depreciation allowable to the predecessor and successor business entities in case of succession or amalgamation shall not exceed in any previous year the deductio....