THIS JUDGMENT DELIVERED BY:MUHAMMAD ATHAR SAEED, J.-By this Income Tax Appeal filed against the order dated 11-4-2000, passed by the Income Tax Appellate Tribunal (Headquarters), Karachi in Income Tax Appeal No.126/KB of 1999-2000, the following questions said to have arisen from that order have been proposed for the opinion of this Court.A. Whether the learned Income Tax Appellate Tribunal was justified in not following the ratio laid down in the judgment delivered by the Honourable Supreme Court of Pakistan in the case of Messrs Premier Bank Ltd., Karachi reported (1999) 79 Tax .589 (Supreme Court of Pakistan) as the payment of Rs.305,000 (M) made to State Bank of Pakistan was a penalty/fine for infraction of law.B. Whether the learned Income Tax Appellate Tribunal was justified in not maintaining the disallowance of penalty paid by the Refinery to the State Bank of Pakistan amounting to Rs.305,000 (M) for infringing the rules and regulations contained in the circulars and Foreign Ex...