{"id":288047,"date":"2019-08-21T05:56:09","date_gmt":"2019-08-21T05:56:09","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=288047"},"modified":"2019-08-21T06:00:04","modified_gmt":"2019-08-21T06:00:04","slug":"oil-exploration-production-firms-farm-in-expenses-are-intangible-assets-says-cbdt","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-exploration-production-firms-farm-in-expenses-are-intangible-assets-says-cbdt\/","title":{"rendered":"Oil exploration, production firms\u2019 farm-in expenses are intangible assets, says CBDT"},"content":{"rendered":"<p>The Central Board of Direct Taxes (CBDT) has clarified that \u2018farm in\u2019 expenditure incurred by oil exploration and production (E&amp;P) companies would be treated as an \u2018intangible asset\u2019 and would be eligible for claim of depreciation.<\/p>\n<p>A \u2018farm in\u2019 expenditure is incurred when an entity in the oil and gas business acquires a participating interest (PI) from another entity in oil\/gas block (s) and becomes part of the production sharing agreement (PSC) entered into with the Central government.<\/p>\n<p>Over the life cycle of an oil and gas block, E&amp;P companies generally buy (farm in) and sell (farm out) their PI in the PSC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Board of Direct Taxes (CBDT) has clarified that \u2018farm in\u2019 expenditure incurred by oil exploration and production (E&amp;P) companies would be treated as an \u2018intangible asset\u2019 and would be eligible for claim of depreciation. A \u2018farm in\u2019 expenditure is incurred when an entity in the oil and gas business acquires a participating interest (PI) from another entity in oil\/gas block (s) and becomes part of the production sharing agreement (PSC) entered into with the Central government. Over the life cycle of an oil and gas block, E&amp;P companies generally buy (farm in) and sell (farm out) their PI [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-288047","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/288047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=288047"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/288047\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=288047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=288047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=288047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}