The assessee made investment in group concerns, which yielded no dividend income during the relevant assessment year. Tribunal deleted the disallowances on appeal by revenue dismissing the appeal the Court held that,  in the absence of any exempt income, disallowance  is  not permissible. Followed, CIT v. Essar Teleholdings Ltd. (2019) 401 ITR 445 (SC), PCIT v. Oil Industry Development Board (2019) 103 taxmann.com 326 (SC) (ITA no 2067/Mum/2015 dt.20-12-2106)(ITA No. 1545 of 2017 dt.11-02 -2020 (AY. 2009-10.)