Block of assets query?

If a business has a block of assets, suppose of Rs.1 Lac and it sells the whole block for Rs. 1.2 Lac.

Then there is a profit of 20000, i think this profit should be treated as short term capital gain?????

Am i Right? Please clear this query...

Also if the business purchases another asset of same block afterwards, then will the previous profit can be adjusted against cost of the block???????