After investing huge sums in mutual funds assessee couldn't plead that it didn't incur exp. to earn

IT : Where assessee systematically invested in large number of mutual funds and, moreover, various mutual funds were liquidated during relevant year, assessee's explanation that no expenditure was incurred for earning tax free dividend income was a bold assertion liable to be rejected and, consequently, matter was to be remanded back to Assessing Officer with a direction to work out disallowance in terms of Rule 8D of 1962 Rules