https://www.taxtmi.com/caselaws?id=67233 The Tribunal clarified that post the amendment, depreciation should be allowed on the block of assets as a whole, rather than individual assets. Emphasizing the legislative intent to simplify depreciation calculations, the Tribunal held that assets within a block lose their individual identity for depreciation purposes. Therefore, depreciation was allowed on the entire block of assets, as two out of three trucks were used for business. The Assessing Officer was directed to permit depreciation accordingly, highlighting the importance of considering blocks of assets for depreciation under section 32. en-us Fri, 31 May 1996 00:00:00 +0530 Wed, 09 Mar 2011 16:38:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67233 The Tribunal clarified that post the amendment, depreciation should be allowed on the block of assets as a whole, rather than individual assets. Emphasizing the legislative intent to simplify depreciation calculations, the Tribunal held that assets within a block lose their individual identity for depreciation purposes. Therefore, depreciation was allowed on the entire block of assets, as two out of three trucks were used for business. The Assessing Officer was directed to permit depreciation accordingly, highlighting the importance of considering blocks of assets for depreciation under section 32. Case-Laws Income Tax Fri, 31 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67233