2011 (9) TMI 730

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..... 11 - C.N. RAMACHANDRAN NAIR AND P.S. GOPINATHAN, JJ. P.K. Ravindranatha Menon and Jose Joseph for the Appellant. P. Balakrishnan and V. Sreekumar for the Respondent. JUDGMENT C.N. Ramachandran Nair, J. The question raised in the Revenue's appeal is whether the Tribunal was justified in cancelling disallowance of expenditure incurred by the assessee by way of interest paid .....

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..... ecause in the assessee's case investment in tax free bonds is to meet the requirement of maintenance of SLR. However, we are unable to accept this contention because investment considered and decided by us in the above decision was in tax free bonds which is the investment made by the respondent/assessee herein also. Normally tax free bonds are purchased by banks only to meet part of SLR requireme .....

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