Master Creator's PPE balance ₹85.37 lakh includes ₹15.48 lakh of LAND held FOR CAPITAL APPRECIATION (not used in operations) and ₹20.02 lakh of FACTORY UNDER CONSTRUCTION (will take 2 years to complete). Under Ind AS, presentation should be:

Ind AS 40 — land or building held for capital appreciation rather than for use in production or supply or for sale in ordinary course is INVESTMENT PROPERTY. Factory under construction for the entity's own use stays as PPE (capital work-in-progress sub-classification of Schedule III); Ind AS 40 specifically scopes out PPE under construction for own use. Note: investment property in CWIP stage IS within Ind AS 40 (different from PPE CWIP).