Block of assets - Definition / Legal Terminology - Income Tax

As per Clause (11) of section 2 of the Income-tax Act, 1961 - block of assets means a group of assets falling within a class of assets comprising - (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, not being goodwill of a business or profession, in respect of which the same percentage of depreciation is prescribed ;