Gross Block of assets

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Hemkumar

Hemkumar

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10 August 2026 Where the balance sheet of a non-corporate entity has historically carried fixed assets only at written-down value and no separate record of original cost or accumulated depreciation exists, what value to be mentioned in schedule Properties, Plant and equipment and intengible assets which requires gross block of assets and depreciation ?

Aashok Kumar Sharma online

Aashok Kumar Sharma

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10 August 2026 Gross Block: If original cost cannot be reconstructed from historical tax audit reports or old invoices, disclose the existing WDV as the Gross Block.

Accumulated Depreciation: Report as Nil or adjust based on available tax block records.

Mandatory Action: Always add an explanatory note in the financial statements clarifying that assets were historically maintained solely on a WDV basis.

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