ORDER

S.A. MINAM JAFRI (ACCOUNTANT MEMBER).-Appeal has been tiled at the instance of assessee a registered Modaraba under Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 as a Public Listed Modaraba deriving income from leased rentals, profit on Modaraba and Musharika Finance, profit on sale of investments, profit on portfolio management and bank deposits, income from dividend, income from end fees, and documentation charges, etc.2. In the appeal, appellant has challenged CIT(Appeals) order setting aside, (1) Disallowance of. 100% of the amalgamation expenses claimed of Rs. 1,308,301 and (2) Levy of Minimum Tax under section 80D of Rs.160,610 as incorrect and invalid.3. Divergent view of both the sides were heard and the relevant records of the case were perused.4. On the first ground of disallowance of amalgamation expenses, A.R. has contended that three independent Modarabas, namely First Prudential Modaraba, Second Prudential Modaraba and Third Prudential Modaraba ...