Tribunal held that since assessee failed to establish that expenditures under several heads claimed against said interest income were incurred wholly and exclusively for purpose of earning of interest income accordingly the D-mat charges,legal expenses and medical relief expensesis not allowable as deduction against income from other sources .( AY. 2012-13)
Bank of India Retired Employees Medical Assistance Trust v. ITO (2018) 172 ITD 78 / 172 DTR 140/ 196 TTJ 706 (Mum) (Trib.)
S. 57 : Income from other sources – Deductions – Interest from fixed deposits – D-mat charges, legal expenses and medical relief expenses – Not allowable as deduction as the expenditure is not incurred for earing interest from fixed deposit .[ S.56 , 57(iii)]