Expression 'assets' replaces 'assets and block of assets' in tax provision, altering depreciation classification rules. Substitution in Explanation 3 to section 32(1) replaces the phrase "the expressions 'assets' and 'block of assets'" with "the expression 'assets'", ... Summary
Expression 'assets' replaces 'assets and block of assets' in tax provision, altering depreciation classification rules.
Substitution in Explanation 3 to section 32(1) replaces the phrase "the expressions 'assets' and 'block of assets'" with "the expression 'assets'", narrowing the statutory terminology to a single expressive term and altering the reference to depreciable property and the grouping concept previously denoted as a 'block of assets'.
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