Expenditure on Rolling Mill Rolls Allowed as Revenue, No Enduring Benefit Proven by Revenue Authority.

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....Nature of expenditure - Disallowance of expenditure under the "head repairs and maintenance"- AO rejected the assessee's contention and held that the assessee is eligible to claim depreciation on the rolling mills @80% and assessee is not eligible to claim deduction thereof as revenue expenditure - the revenue has not been able to independently bring anything on record to substantiate that any enduring benefit accrued to the assessee by way of incurring this expenditure on purchase of Rolling Mill Rolls. - Entire amount allowed as revenue expenditure - AT....