https://www.taxtmi.com/caselaws?id=65424 The Tribunal partially allowed the assessee's appeal, directing that the expenditure on acquiring participating interest in the Sakhalin PSA be treated as capital in nature and eligible for depreciation. Additionally, the Tribunal allowed the revenue expenses incurred on the purchase and evaluation of seismic data, as well as expenses relating to projects pending final evaluation as revenue expenditure. The Revenue's appeal was also partially allowed, rejecting the concept of deferred revenue expenditure. en-us Fri, 30 Oct 2009 00:00:00 +0530 Mon, 09 Oct 2023 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65424 The Tribunal partially allowed the assessee's appeal, directing that the expenditure on acquiring participating interest in the Sakhalin PSA be treated as capital in nature and eligible for depreciation. Additionally, the Tribunal allowed the revenue expenses incurred on the purchase and evaluation of seismic data, as well as expenses relating to projects pending final evaluation as revenue expenditure. The Revenue's appeal was also partially allowed, rejecting the concept of deferred revenue expenditure. Case-Laws Income Tax Fri, 30 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65424