Depreciation allowable on Assets forming part of Block of Assets even if same not used during the year

Pursuant to the insertion of the concept of “block of assets” w.e.f. 1.04.1988, depreciation is allowable on the WDV of the “block of assets” and individual assets lose their identity upon introduction into the block. The department’s argument that user of each and every asset is essential is not acceptable because it would mean that the assessee has to maintain the details of each asset separately and this would frustrate the very purpose for which the amendment was brought about. CITATION 1)         ITA No.161 of 2006 COMMISIONER OF INCOME TAX VERSUS M/s. OSWAL AGRO MILLS L...