COMMISSIONER OF INCOME-TAX Vs. DHANALEKSHMI BANK LTD.

JUDGEMENT

(1.) Penalty of Rs. 10,61,698 imposed by the Reserve Bank of India for committing violation of provisions of the Reserve Bank of India Act, 1934, and the Banking Regulation Act, 1949, was claimed as business expenditure by the respondent-bank. The aforesaid amount was in respect of the assessment years 1984-85 to 1991-92, i.e., for 8 years.

(2.) It is clear from above that the total amount is Rs. 10,00,000 and odd that too relating to a period of 8 years.

(3.) Having regard to the pettiness of this amount, we are not inclined to consider the issue on the merits. It is more so when learned counsel for the respondent has pointed out that against a similar kind of judgment passed in CIT v. Catholic Syrian Bank Ltd. in SLP (C) No. 23889 of 2003, the same was dismissed by this court on April 4, 2005. Leaving the question of law open, the appeals are dismissed.