![]() The assets must be in use for the business or profession of the taxpayer. ![]() The assets must be owned, wholly or partly, by the assessee.Individual assets lose their identity under Income Tax Act as depreciation is calculated on the block of assets rather than on individual assets. Each such class of asset with the same rate of depreciation will be identified as a block of the asset. Further, the depreciation percentage within the class of assets must be considered for asset classification. The block of assets is identified depending on its life, nature, and similar use. Intangible assets, being know how, patents, copyrights, trade-marks, licenses, franchises or any other business or commercial rights of similar nature. ![]()
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