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of <h1>Five-year amortisation of specified pre-project expenses for residents with 5% deduction cap, audit conditions, and denial in merger year</h1> The enacted provision preserves five-year amortisation of specified pre-commencement or project-related expenses for resident assessees, subject to a 5% cap, prohibition on claiming the same expenditure under any other provision, and audit/reporting preconditions for non-company taxpayers; amalgamation/demerger continuity rules deny the claim in the year of the scheme. Key drafting changes from the Bill: the cap is now clearly a limit on allowable deduction (not on the amount of expenditure), 'cost of project' is anchored to actual book values, and references to long-term borrowings/financial institutions are framed generically rather than by named entities, reducing ambiguity and administrative friction.
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