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'Block of assets' under Section 2(11) is:
AGroup of assets in same class with same depreciation rate
BAsset costing above Rs. 5 lakhs (per relevant Section)
CAsset acquired in same year
DAsset owned over 5 years
Answer & Solution
Correct answer: A. Group of assets in same class with same depreciation rate
1. Section 2(11) defines 'block of assets' as a group within a class having the same depreciation rate.
2. Classes: buildings, machinery, plant or furniture (tangible) and know-how, patents, copyrights (intangible).
3. Depreciation on WDV of entire block, not individual assets.
_Source: ICAI BoS CA Final Paper 7, Ch 3 "Profits and Gains of Business or Profession"_
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