Two assets falling under different classes having same depreciation rate constitutes a single ‘block of assets’

After perusing the above provisions of the Act, more specifically section 2(11) of the Act, one thing that evidently becomes clear is that in the Income Tax Act, there are only two categories of class of assets i.e., Tangible and Intangible and within the same class, various block of assets are covered. In the instant case, on going through the order of learned Commissioner (Appeals), it is observed that he has failed to appreciate the fact that section 2(11) of the Indian Income Tax Act, 1961 specifies as only two class of assets i.e., tangible and intangible assets and within these two class...