Words and Phrases - "tangible"

A film that was described in evidence as being over 50% complete was found to be depreciable property described in Class 10 given that it was acquired on capital account for an income-producing purpose and given that it had a readily discernable comedy plot, appropriate sound, a beginning, and a developing sequential story, and it had reached the state where it could be shown to professional marketers through a videotape medium. Furthermore, even if it did not qualify as a "motion picture film", then, as an incomplete film, it would qualify as tangible property and, therefore, as a Class 8 property.

Kempo J noted the definition of ’tangible” in Black's Law Dictionary as:

Having or possessing physical form. Capable of being touched and seen ... .