https://www.taxtmi.com/article/detailed?id=16666 Depreciation is a central statutory deduction in income computation, and the first step is classification of the asset into the appropriate block of assets. The block determines the applicable depreciation rate and should ordinarily be selected according to commercial usage and the contextual meaning of the definition. The 1961 Act and 2025 Act are compared, with the 2025 Act expressly excluding goodwill of a business or profession from the intangible limb. The discussion also notes significant litigation on block classification and urges a pragmatic approach to timing issues that merely defer tax. en-us Tue, 16 Jun 2026 08:34:14 +0530 Tue, 16 Jun 2026 08:34:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=16666 Depreciation is a central statutory deduction in income computation, and the first step is classification of the asset into the appropriate block of assets. The block determines the applicable depreciation rate and should ordinarily be selected according to commercial usage and the contextual meaning of the definition. The 1961 Act and 2025 Act are compared, with the 2025 Act expressly excluding goodwill of a business or profession from the intangible limb. The discussion also notes significant litigation on block classification and urges a pragmatic approach to timing issues that merely defer tax. Articles Income Tax Tue, 16 Jun 2026 08:34:14 +0530 https://www.taxtmi.com/article/detailed?id=16666