THIS JUDGMENT DELIVERED BY:MUHAMMAD MUNIR PERACHA, J.-The assessee, Pakistan Broadcasting Corporation is a statutory corporation created under Pakistan Broadcasting Corporation Act, 1973. It derives income mainly from advertising business, licence fee from Radio users and subsidy from Government. The income of the Corporation was exempt from income tax under section 17 of the Pakistan Broadcasting Corporation Act, 1973 uptill promulgation of Finance Act, 1999. Through Finance Act, 1999, the provision exempting the income of the Corporation was omitted. However, it is not disputed that the assessee is liable to pay minimum tax in terms of section 80-D of the Income Tax Ordinance, 1979. In the assessment year, 1998-99, the assessee declared no income or loss. However, the Assessing Officer did not accept the declared version and proceeded to include licence fee amounting to Rs.12,298,691 and subsidy of Rs.5883,372,100 in the total turnover of the assessee and subjected the assessee to pa...