5A. First year Allowance.- Where any machinery, plant and equipment is installed by any industrial undertaking set-up in Pakistan on or after the twenty-first day of November, 1997, and owned and managed by a company formed after the said date, exclusively for operating the said industrial undertaking [--], further depreciation by way of First Year Allowance in respect of the year of installation or the year in which such machinery, plant or equipment is used by the assessee for the first time for the purposes of his business or profession or the year in which commercial production is commenced, whichever is the later, shall be allowed at the rates specified in the table below:--