Plant machinery repairs and effluent treatment part replacements, plus share-related professional fees treated as revenue; disallowances deleted

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....Repairs and maintenance on plant and machinery were examined to determine whether the outlay was capital or revenue. Since the expenditure involved only minor replacement of parts/pipelines and components of the effluent treatment system due to wear and tear, without replacement of an entire plant or creation of an enduring advantage, it was held to be revenue in nature; the enhanced disallowance was deleted. Professional fees were assessed for allowability under s. 37(1) where the authority treated certain items as relating to fresh share capital. Fees for share transfer work, reconciliation for share capital audit reporting, and listing of equity shares were held not to be for capital expansion and were allowed as revenue expenditure; the related disallowance was directed to be deleted. - ITAT....