Block of assets definition groups assets for depreciation by prescribed percentage, clarifying asset classification for tax depreciation. The statutory definition of 'block of assets' declares it to be a group of assets within a class-buildings, machinery, plant or furniture-in respect of which the same prescribed percentage of depreciation is applicable, thereby grouping assets for depreciation purposes as a single unit under the tax framework.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Block of assets definition groups assets for depreciation by prescribed percentage, clarifying asset classification for tax depreciation.
The statutory definition of "block of assets" declares it to be a group of assets within a class-buildings, machinery, plant or furniture-in respect of which the same prescribed percentage of depreciation is applicable, thereby grouping assets for depreciation purposes as a single unit under the tax framework.
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