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‘Farm-in’ exp. incurred by Oil Exploration & Production Co’s is ‘intangible asset’; eligible for dep.: CBDT

August 20, 2019
Oil Exploration & Production companies generally buy ('Farm in') and sell ('Farm out') their ‘participating interests’ (PI) in the 'Production Sharing Agreement' (PSC) over the life cycle of an Oil & Gas block. ‘Farm-in' expenditure is incurred when an entity acquires a PI from another entity(s) in oil/gas block(s) and becomes part of the PSC entered into with the Central Government.
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