Dismissing the appeal of the revenue the Court held that ; The expression “does not form part of the total income” in S. 14A envisages that there should be an actual receipt of the income, which is not includible in the total income. If no exempt income is received or receivable during the relevant previous year, no disallowance  can be made .Followed Chem Invest Ltd v. CIT ( 2015) 378 ITR 33 ( Delhi) (HC) ( 749 /2014  dt. 22-09-2015)( ITA No. 51 of 2016, dt. 13.10.2016) 

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