2012 (3) TMI 118 - ITAT DELHI

Expenditure in relation to exempt Income - Old Investments - interest Income NIL - Held That:- Earning of the income in a particular year is not sine qua non of allowing expenditure. Thus, the income may be nil, yet the expenditure incurred in pursuit of earning such income is deductible.

Exempt Income - Assessee: No expenditure incurred - Held That:- In view of Godrej & Boyce Manufacturing Co. Ltd. Vs. DCIT,(Bombay High Court) & Maxopp Investment Ltd. Vs. CIT (Delhi High Court), dis-allowances couldn’t be upheld.