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AS 7 Revision: Asset Blocks Include Know-How, Patents, Copyrights; High-Tech Simulators Qualify as Constructed Assets.

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....Revision u/s 263 - AS 7 - construction of asset - block of asset is not restricted to building machinery plant or furniture but is extended to know-how patents Copyright etc - simulator with high configuration and technical input in design would definitely fall within the realm of an asset and the construction of such asset would definitely fall within the category of construction of asset and therefore AS 7 rightly been applied - revision quashed....

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