https://www.taxtmi.com/circulars?id=62204 The amount paid for acquiring a Participating Interest (PI) in an E&P contract approved by the Government of India represents payment to acquire underlying rights, licences and obligations, not a partnership share; after reducing the component attributable to tangible assets, the residual amount shall be treated as an intangible asset (a business or commercial right akin to a licence) and is eligible for claim of depreciation under clause (ii) of sub section (1) of section 32 of the Income tax Act. en-us Mon, 19 Aug 2019 00:00:00 +0530 Tue, 20 Aug 2019 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=62204 The amount paid for acquiring a Participating Interest (PI) in an E&P contract approved by the Government of India represents payment to acquire underlying rights, licences and obligations, not a partnership share; after reducing the component attributable to tangible assets, the residual amount shall be treated as an intangible asset (a business or commercial right akin to a licence) and is eligible for claim of depreciation under clause (ii) of sub section (1) of section 32 of the Income tax Act. Circulars Income Tax Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=62204