The term “block of assets” means a group of assets falling within a class of assets, comprising-
Tangible assets, being buildings, machinery, plant or furniture,
- Intangible assets, being know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature,
In respect of which the same percentage of depreciation is prescribed.
A tax payer may have 13 different blocks of assets as given below-
