Understanding "Block of Assets" in Clause (11) of Section 2 of the Income-tax Act, 1961: Tangible and Intangible Assets Explained.
"Block of assets" under Clause (11) of section 2 of the Income-tax Act, 1961, refers to a group of assets within a class that includes tangible assets like buildings, machinery, plant, or furniture, and intangible assets such as know-how, patents, copyrights, trademarks, licenses, franchises, or other similar business or commercial rights, excluding goodwill. These assets are categorized based on the same prescribed depreciation percentage.