Amendment of section 32

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..... on (1), after the third proviso, the following proviso shall be inserted, namely :- "Provided also that the aggregate deduction, in respect of depreciation of buildings, machinery, plant or furniture allowable to the predecessor and the successor in the case of succession, referred to in section 170 or the amalgamating company and the amalgamated company in the case of amalgamation, as the .....

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..... or the part of allowance to which effect has not been given (hereinafter referred to as unabsorbed depreciation allowance), as the case may be, - (i) shall be set off against the profits and gains, if any, of any business or profession carried on by him and assessable for that assessment year; (ia) if the unabsorbed depreciation allowance cannot be wholly set off under clause (i), the amount .....

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..... first computed : Provided that the business or profession for which the allowance was originally computed continued to be carried on by him in the previous year relevant for that assessment year : Provided further that the time limit of eight assessment years specified in sub-clause (b) shall not apply in the case of a company for the assessment year beginning with the assessment year relevant .....

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