ITA NO. 8095/KB AND M.A.NO. 8/KB OF 1992-93, DECIDED ON 26TH DECEMBER, 1992. VS ITA NO. 8095/KB AND M.A.NO. 8/KB OF 1992-93, DECIDED ON 26TH DECEMBER, 1992.
1993 P T D 702
[Income-tax Appellate Tribunal Pakistan]
Before Muhammad Mujibullah Siddiqui, Judicial Member and Muhammad Mushtaq, Accountant Member
ITA No. 8095/KB and M.A.No. 8/KB of 1992-93, decided on 26/12/1992.
(a) Income-tax---
----Fiction of law---Fiction of law is not to be extended retrospectively until and unless expressly provided in law.
(b) Words and phrases---
----"Body corporate"---Meaning.
A body corporate is the association of number of persons uniting together for some special purpose of business or uniting together in an organization for a certain or common object by or under authority of a law having a separate and distinct legal status and having its own name other than its members and shareholders which can sue and be sued in its own name having perpetual succession or for a certain time as controlled by the charter or act creating the same.
Black's Law Dictionary; `Law, Terms and Phrases Judicially Interpreted by Sardar M. Iqbal Khan Mokal; Shorter Oxford English Dictionary and Whartson's Law Lexicon ref.
(c) Income Tax Ordinance (XXXI of 1979)---
----Second Sched., cl. 116 & S.2(16)(cc) [as inserted by Finance Act (VII of 1992)] ---Companies Ordinance (XLVII of 1984), S.2(4)---Modaraba Companies and Modaraba (Floatation and Control) Ordinance (XXXI of 1980), Ss.2(1), 11, 12 & 37---Modaraba Companies and Modaraba Rules, 1991, R.22---Modaraba, even before the insertion of cl. (cc) in S.2(16) of the Income Tax Ordinance, 1979 by Finance Act, 1992 enjoyed the status of company being a body corporate formed under Modaraba Ordinance and as such the income from sale of Modaraba certificates enjoyed exemption under cl.116 of the Second Sched. to the Ordinance.
Modaraba is defined in section 2(1)(a) of the Modaraba Ordinance to mean a business in which person participates with his money and another with his efforts or skill or both his efforts and skill, Under section 7 of the Modaraba Ordinance the Modarabas can be of two types, multipurpose Modaraba and specific purpose Modaraba. A Modaraba may be either for a fixed or for an indefinite period. Under section 8(2) an application for floatation of Modaraba shall be accompanied by a prospectus which shall contain, inter alia, the name and-type of Modaraba and the conditions and amount of the Modaraba to be floated and the division thereof into Modaraba certificates of fixed amount. Undcr section 11 of the Modaraba Ordinance it can only be floated if the Registrar grants the certificate in the prescribed form authorising the floatation of Modaraba on such conditions as he may deem fit. Under section 12 of the Modaraba Ordinance a Modaraba has been treated as a legal person which shall sue and be sued in its own name through the Modaraba Company. Under section 29(1) of the Income Tax Ordinance the terms Modaraba, Modaraba company and Modaraba certificate have been assigned the same meaning respectively as assigned to them in the Modaraba Ordinance and Modarabas (Floatation and Control) Ordinance, 1980. It means that the Income Tax Ordinance has accepted the definition and connotation of the expression Modaraba given in the Modaraba Ordinance. A Modaraba has been assigned the status of a legal person under section 12 of the Modaraba Ordinance. The definition of Modaraba as contained in section 2(1)(a) shows that it is the combination of several persons participating in a business with r money and efforts or skill or both. Thus Modaraba is the association of various persons for a common purpose of business under a law for the time being in force. The process of formation of the Modaraba is also controlled under the law which is evident from the Modaraba Authorisation Certificate in respect of a Capital Modaraba.
Under the provisions of the Modaraba Ordinance the Modaraba Certificate has been defined to mean a certificate of definite denomination issued to the subscriber of the Modaraba acknowledging receipt of money subscribed by him. Modaraba is a separate distinct legal personality other than Modaraba company and prospectus is issued separately for each Modaraba. A Modaraba certificate is issued separately for each Modaraba and periodical reports are to be submitted to the Certificate holders in respect of each Modaraba separately and the annual balance-sheet of each Modaraba is also to be prepared separately and the audit of each Modaraba is to be held separately. Thus, it will be seen that the Modaraba is incorporated under the authority of Modaraba Ordinance. It is a combination of number of persons who participate in the business with money, effort and skill. The Modaraba is entitled to purchase, sale and hold property. It has its own legal personality which can sue and be sued in its own name and has perpetual succession.
Even before the insertion of clause (cc) in section 2(16) of the Income Tax Ordinance a Modaraba enjoyed the status of company being a body corporate formed under Modaraba Ordinance and as such the income from sale of Modarabas Certificates enjoyed exemption under clause 116 of the Second Schedule to the Income Tax Ordinance, 1979.
Black's Law Dictionary; `Law, Terms and Phrases Judicially Interpreted' by Sardar M. Iqbal Khan Mokal; Shorter Oxford English Dictionary and Whartson's Law Lexicon ref.
Akber G. Merchant, CA. and Miss Yasmeen Ajani, CA. for Appellant.
Musharraf Akhund, D.R. for Respondent.
Date of hearing: 9th December, 1992.
ORDER
The appellant a Modaraba company is aggrieved against the order, dated 15-9-1992 by the learned C.I.T. Companies-1, Karachi under section 66A read with section 5(1)(c) of the Income Tax Ordinance, 1979.
2. The main grievance of the appellant is that the learned Commissioner has wrongly held that gain on sale of Modaraba Certificate is taxable and that such gain is not exempt under clause (116) of the Second Schedule to the Income Tax Ordinance, 1979. In the alternative the appellant has contended that the gain on sale of Modaraba Certificate is a capital gain and if it is held to be not exempt under clause (116) of the Second Schedule then it attracts rate of capital gain and not rate of normal income. The appellant has further questioned the jurisdiction of the learned Commissioner contending that the prerequisites of section 66A have not been fulfilled. The appellant has submitted stay application also. With the consent of learned representatives for the parties we have heard the main appeal instead of hearing the stay application. The main appeal and stay application both are disposed of with this consolidated order.
3. The full facts and the reason for revision of assessment order under section 66A are contained in the order of learned Commissioner. For the sake of convenience the entire order of learned Commissioner is reproduced below:
(sic).,
???????????
4. Paragraphs 3 and 4 have therefore been omitted for the sake of brevity. (sic).
5. The learned Bench after reproducing the entire order of learned CIT(A) observed as under:---
6. We have heard M/s. Akber Merchant and Yasmeen Ajani, Chartered Accountants on behalf of appellant and Mr. Muhammad Musharraf Akhund, learned representative for the Department.
7. Modaraba has been treated as a company by insertion of sub-clause (cc) in section 2(16) of the Income Tax Ordinance, 1979 by Finance Act, 1992. The learned Commissioner of Income Tax has held that under the provision of law, Modaraba is not a company up to the assessment year 1992-93 and it shall be treated as company from the assessment year 1993-94 by mere fiction of law. Up to assessment year 1992-93 all the Modarabas are being treated as non-company entities. One of the reasons prevailing with the learned Commissioner is that when the turnover tax under section SOD was imposed on companies with effect from assessment year 1991-92, the Modarabas including the BRR capital Modaraba claimed that they were not liable to the turnover tax on the plea that they were not included in the definition of companies under section 2(16) of the Ordinance. The contention of Mr. Akber Merchant is that, firstly, there is no estoppel against law and if any plea on the point of law has been taken which is not warranted in law, such plea will not operate as an estoppel in any subsequent proceedings because the law will take its own course, notwithstanding any erroneous view entertained or pleaded by any party at any stage or in any proceedings. Mr. Akber Merchant has maintained that, secondly the appellant which is a Modaraba company is distinct and separate entity from the Modaraba under the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980, and, therefore, any plea taken by Modaraba is not binding on the Modaraba company, the two entities being separate having distinct legal personality. We are persuaded to agree with the contention of Mr. Akber Merchant that merely because B.R.R. Capital Modaraba took a plea that it- is not a company is not sufficient to hold that it is not a company in law. The status of Modaraba being a question of law, it shall depend on the appreciation of legal position and interpretation of the relevant provisions of law. Both the learned representatives for the parties have conceded that the issue, if Modaraba Certificate enjoys exemption under clause 116 of the Second Schedule to the Income Tax Ordinance or not shall be clinched by deciding if Modaraba is a company or not. As already stated the view of learned Commissioner is that the Modaraba has been treated as a company by insertion of sub-clause (cc) in section 2(16) of the Income Tax Ordinance, 1979 by Finance Act, 1992 with effect from assessment year 1993-94 and, therefore, up to the assessment year 1992-93 the Modaraba cannot be treated as a company for the reason that the Modaraba has been treated as company by a fiction of law and fiction of law is not to be extended retrospectively until and unless expressly provided in law. On the other hand, the contention of Mr. Akber Merchant is that the insertion of sub-clause (cc) in clause (16) of section 2 of the Income Tax Ordinance is mere confirmatory in nature and in fact a Modaraba was already enjoying status of a company since very promulgation of the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980 (hereinafter referred to as the Modaraba Ordinance). He has submitted that company is defined in section 2(16) of the Income Tax Ordinance as follows:---
"(16) "company" means---
(a) company as defined in the Companies Act, 1913 (VII of 1913); or
(b) a body corporate formed by or under any law for the time being in force; or
(bb) a trust formed by or under any law for the time being in force; or
(c) a body corporate incorporated by or under the law of a country outside Pakistan relating to incorporation of companies; or
(cc) a Modaraba as defined in the Modaraba Companies and Modarabas (Floatation and Control) Ordinance, 1980 (XXXI of 1980);
(d) the Government of a province;
(e) a foreign association, whether incorporated or not, which the Central Board of Revenue may, by general or special order, declare to be company for the purposes of this Ordinance for such assessment year or years (whether commencing before, on or after the first day of July, 1979) as may be specified in the said order."
He has submitted that even before the insertion of specific provision contained in sub-clause (cc) above, a Modaraba was a company falling within the purview of sub-clause (b) which says that a body corporate formed by or under any law for the time being in force, shall be treated as company. Mr. Akber Merchant has submitted that a Modaraba has been assigned status of legal person under section 12 of the Modaraba Ordinance and has been defined in section 2(a) of the said Ordinance. He has further submitted that the Floatation of Modaraba is authorised by the Registrar (Modaraba Companies and Modaraba) under section 11 read with Rule 3(2)(e) of the Modaraba Companies and Modaraba Rules, 1981 and thus the Modaraba is body corporate formed under the Modaraba Ordinance, thus, enjoying the status of a company as defined in section 2(16)(b) of the Income Tax Ordinance. Mr. Akber Merchant has further pointed out that the accounts of Modaraba are audited as accounts of a company by virtue of the provisions contained in section 15 of the Modaraba Ordinance. Mr. Akber Merchant has further pointed out that under section 22 of the Modarbaa Ordinance register of certificate-holders is required to be maintained on the same pattern as in respect of register of shareholders under the Companies Act, 1913 and under section 23 of the Modaraba Ordinance annual list of certificate holders and summary is required to be made and thus all the attributes of a company and share certificate are required to be fulfilled in substance, except that a Modaraba is managed through a Modaraba company which is a separate and distinct entity in law. Thus, according to Mr. Akber Merchant it is a company managed by a company. He has further submitted that the expression "body corporate" has been defined in section 2(4) of the Companies Ordinance, 1984. The term "body corporate" has not been defined in the Income Tax Ordinance or Modaraba Ordinance. Mr. Akber Merchant has urged that in the absence of definition of the body corporate in the Income Tax Ordinance the dictionary meanings of the expression is to be relied upon. Mr. Akber Merchant has referred to the definitions of expression "body corporate" in Black's Law Dictionary and `Law, Terms and Phrases Judicially Interpreted' by Sardar M. Iqbal Khan Mokal. On the other hand, the learned D.R. has supported the impugned order of learned Commissioner of Income Tax. He has submitted that the Modaraba is not a body corporate as the entire business of Modaraba is conducted and managed by the Modaraba company which is duly registered under the Companies Ordinance and Modaraba Ordinance. Modaraba is merely a form of business or transaction permitted in Islam which is floated and managed by Modaraba company and as such the business itself could not be deemed to be a company. The learned D.R. has argued that the Modaraba which is otherwise not a company has been deemed to be a company by fiction of law with the insertion of sub-clause (cc) in section 2(1-6) of the Income Tax Ordinance, 1979 by Finance Act, 1992 and shall take effect from the assessment year 1993-94. He has concluded that in the above circumstances the learned Commissioner has rightly held that Modaraba is not to be treated as company up to the assessment year 1992-93.
8. We have considered the contentions raised by the learned representatives for the parties and have perused the material available on record on which the learned representatives for the parties have placed reliance. It would be appropriate to reproduce all the provisions of law on which the learned representatives for the parties have placed reliance.
9. After reproducing the provisions of section 2(4) of the Companies Ordinance, 1984 and sections 2(1), 11, 12 and 37 of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and Rule 22 of Modaraba Companies and Modaraba Rules, 1991 in paragraph 6 the learned Bench observed as under:- (sic)
10. As already observed in earlier part of this order the entire issue hinges do the point if Modaraba was a company prior to the insertion of sub-clause (cc) .in section 2(16) of the Income Tax Ordinance by Finance Act, 1922 or not. The view taken by the learned Commissioner is that prior to the insertion of sub-clause (cc) in section 2(16) of the Income Tax Ordinance Modaraba was not a company. On the other hand, the contention of learned representative for the appellant is that sub-clause (cc) in section 2(16) of the Income Tax Ordinance was inserted by way of confirmation only while in fact Modaraba was already enjoying the status of company for the purpose of income tax by virtue of provision contained in sub-clause (b) of section 2(16) of the Income. Tax Ordinance. In support of his contention Mr. Akber Merchant has submitted that Modaraba is a body corporate formed under the Modaraba Ordinance and therefore, it is a company. Elaborating his point of view Mr. Akber Merchant has contended that under the Modaraba Ordinance Modaraba has been treated as a legal person which shall sue and be sued in its own name through the modaraba company. He has pointed out that under subsection (2) of section 12 of the Modaraba Ordinance the assets and liabilities 6f each Modaraba shall be separate and distinct from those of another Modaraba as also from those of the Modaraba company. Thus, Mr. Akber Merchant has urged that every Modaraba is a separate distinct entity other than Modaraba company which is a managing agency and every Modaraba enjoys the status of legal person and that floatation of each Modaraba is authorised by the Registrar of Modarabas under section 11 of the Modaraba Ordinance. Under subsection (6) of section 13 separate bank account, funds, assets and liabilities of each Modaraba are required to be maintained and under section 15 the accounts of a Modaraba are to be audited by an auditor who is Chartered Accountant who is to be appointed by a Modaraba Company with the approval of Registrar and such auditor shall have the same powers, duties and liabilities as an auditor of a company under the Companies Act, 1913. Mr. Akber Merchant has further submitted that the income of each Modaraba is to be worked out separately and enjoys exemption from tax under section 37 of the Modaraba Ordinance if not less than 90% of its profits in year is distributed to the holders of Modaraba certificates. According to Mr. Akber Merchant the cumulative effect of all the provisions contained in Modaraba Ordinance and rules referred to by him and reproduced in the earlier part of this order is that each Modaraba is a body corporate under the law for the time being in force and as such each Modaraba is a company under sub-clause (b) of section 2(16) of the Income Tax Ordinance. Since the expression "body corporate" has not been defined in the Income Tax Ordinance, therefore, Mr. Akber Merchant has referred to the meaning assigned to the expression "body corporate" and "corporation' in the dictionaries. In Black's Law Dictionary, the expression "body corporate" has been defined as a public or private corporation. In the treatise "Law, Terms and Phrases Judicially Interpreted" by Sardar Muhammad lqbal Khan Mokal, `body corporate' has been defined as a corporation aggregate like a trade union having perpetual succession, a common seal and right to acquire and hold property. The corporation has been defined to mean a number of persons united together in perpetuity. An association which is independent so far as its existence is concerned of those who compose it, i.e., it is never terminated by he death of any member. The essentials of corporation have been given as fo1lows:---
(i) lawful authority of incorporation, (ii) the persons to be incorporated,
(iii) a name by which the persons are incorporated,
(iv) a place, and
(v) words sufficient in law to show incorporation.
No particular words are necessary for the creation of a corporation; any expression showing an intention to incorporate will be sufficient. The chief characteristics of a corporation have been described to be its intangibility and its capacity for indefinite duration and its being a separate legal person. The term "incorporation" has been defined to mean the formation of legal or political body with the quality of perpetual existence and succession, except so far as limited by the act of incorporation. In Black's Law Dictionary the term "corporation" has been defined to mean, "an artificial person or legal entity created by or under the authority of laws of a state of nation, composed, in some rare instances, of a single person and his successors, being the incumbents of a particular office, but ordinarily consisting of an association of numerous individuals. Such entity subsists as a body politic under a special denomination, which is regarded in law as having a personality and existence distinct from that of its several members, and which is, by the same authority, vested with the capacity of continuous succession, irrespective of changes in its membership, either in perpetuity or for a limited term of years, and of acting as a unit or single individual in matters relating to the common purpose of the association, within the scope of the powers and authorities conferred upon such bodies by law." The term "corporate entity" has been defined in Black's Law Dictionary to mean, "the distinct status of a corporation which gets its existence apart from the status of its shareholders; its capacity to have a name of its own, to sue and be sued in its own name as well as the right to buy, sell, lease and mortgage its property in its own name." In Black's Law Dictionary the term "incorporation" has been defined as, `the act or process of forming or creating a corporation.' In the Cassell's English Dictionary the word "corporate" has been defined as "united in a body and acting as an individual" and the word "corporation" has been defined as, a united body or a corporate body empowered to act as an individual." The word "incorporate" has been defined in the same Dictionary as follows:
"To unite, combine, or mingle into one mess or body (with); to combine into one body (with); to form into a legal corporation; to receive into a corporation; to embody; to form a limited company. To become united or incorporated so as to form one body. Incorporation. The act of incorporating the state of being incorporated; embodiment; formation of or reception into a corporate body; a corporate body, a corporation."
11. According to Shorter Oxford English Dictionary the expression "body corporate" means an artificial person created by law. In the same Dictionary the word "corporate" has been given the meaning to combine in one body or to unite in one body. According to the same Dictionary the term "incorporation" has been defined as an act of combining or uniting into one body, society or organization. The incorporation also means the document creating or legalising a corporation.
12. In Whartson's Law Lexicon "corporate body" has been assigned the meaning of an artificial person established for preserving in perpetual succession certain rights, which being conferred on natural persons only would fail in process of time. It has been given the attributes of an intangible person which enjoys a legal entity, sues and is sued by its corporate name and holds and enjoys property by such name. In the same treatise the expression "incorporation" has been defined as the formation of legal body with the Quality of perpetual existence and succession except as limited by the royal charter or act of parliament affecting the incorporation
13. In the Companies Ordinance, 1984 an inclusive definition of body corporate or corporation has been given according to which a company incorporated outside Pakistan is included in the two expressions. A corporation sole, a cooperative society registered under any law relating to the registration of cooperative societies or any other body corporate other than a Company defined in the companies Ordinance which the Federal Government may by notification in the official Gazette specify, have been excluded from the purview of expression "body corporate". A Modaraba floated under the authority of Modaraba Ordinance has not been excluded by the Federal Government by Notification in the official Gazette and, therefore, if it can be shown that Modaraba is a body corporate then it will come within the purview of body corporate or corporation for the purpose of Companies Ordinance as well. In view of the definitions contained in various dictionaries and legal treatises it can be said that a body corporate is the association of number of persons uniting together for some special purpose of business or uniting together in an organization for a certain or common object by or under authority of a law having a separate and distinct legal status and having its own name other than its members and shareholders which can sue and be sued in its own name having perpetual succession or for a certain time as controlled by the charter or act creating the same.
14. Now we revert to the facts of the present case to see if a Modaraba comes within the purview of body corporate as defined above or not. Modaraba is defined in section 2(1)(a) of the Modaraba Ordinance to mean a business in which a person participates with his money and another with his efforts or skill or both his efforts and skill. Under section 7 of the Modaraba Ordinance the Modarabas can be of two types, multipurpose Modaraba and specific purpose Modaraba. A Modaraba may be either for a fixed or for an indefinite period. Under section 8(2) san application for floatation of Modaraba shall be accompanied by a prospectus which shall contain, inter alia, the name and type of Modaraba and the conditions and amount of the Modaraba to be floated and the division thereof into Modaraba Certificates of fixed amount. Under section 11 of the Modaraba Ordinance it can only be floated if the Registrar grants the certificate in the prescribed form authorising the floatation of Modaraba on such conditions as he may deem fit. Under section 12 of the Modaraba Ordinance a Modaraba has been treated as a legal person which shall sue and be sued in its own name through the Modaraba Company. Under section 29(1) of the Income Tax Ordinance the terms Modaraba, Modaraba company and Modaraba certificate have been assigned the same meaning respectively as assigned to them in the Modaraba Ordinance and Modarabas (Floatation and Control) Ordinance, 1980. It means that the Income Tax Ordinance has accepted the definition and connotation of the expression Modaraba given in the Modaraba Ordinance. As already observed a Modaraba has been assigned the status of a legal person under section 12 of the Modaraba Ordinance. The definition of Modaraba as contained in section 2(1)(a) shows that it is the combination of several persons participating in a business with money and efforts or skill or both. Thus Modaraba is the association of various persons for a common purpose of business under a law for the time being in force. The process of formation of the Modaraba is also controlled under the law which is evident from the Modaraba Authorisation Certificate in respect of a B.R.R. I Capital Modaraba which is reproduced below: (sic)
15. The learned Bench then after reproducing the Modaraba Authorisation Certificate and Authority Letter of the Controller of Capital Issues proceeded as under: (sic)
16. The Modaraba Ordinance as well as the prospectus of B.R.R. Capital Modaraba and B.R.R. Second Modaraba show that each Modaraba has its own corporate name and each Modaraba has its own specific objects and purposes. The Modaraba Certificates are transferable and are listed on the Stock Exchange. It is provided in the prospectus of B.R.R. Capital Modaraba that in terms of the Companies Ordinance, 1984 and Rule 22 of Modaraba Companies and Modaraba Rules, 1981 the Modaraba Certificates are freely transferable through execution of proper instruments of transfer and their registration. The Karachi Stock Exchange has approved the licence of M/s. B.R.R. Capital Modaraba and B.R.R. Second Modaraba and quotations of share of the company on Stock Exchange. The Karachi Stock Exchange has also described the two Modarabas as company. The description given by the Stock Exchange has although no legal validity but I would like to add that under the provisions of the Modaraba Ordinance the Modaraba Certificate has been defined to mean a certificate of definite denomination issued to the subscriber of the Modaraba acknowledging receipt of money subscribed by him. I would also like to point out that Modaraba is a separate distinct legal personality other than Modaraba company and prospectus is issued separately for each Modaraba. A Modaraba certificate is issued separately for each Modaraba and periodical reports are to be submitted to the certificate holders in respect of each Modaraba separately and the annual balance-sheet of each Modaraba is to be prepared separately and the audit of each Modaraba is also to be held separately. Thus, it will be seen that the Modaraba is incorporated under the authority of Modaraba Ordinance. It is a combination of number of persons who participate in the business with money, effort and skill. The Modaraba is entitled to purchase, sale and hold property. It has' its own legal personality which can sue and be sued in its own name and has perpetual succession.
17. For the foregoing reasons we are persuaded to agree with the contention of Mr. Akber Merchant that even before the insertion of clause (cc) in section 2(16) of the Income Tax Ordinance a Modaraba enjoyed the status of company being a body corporate formed under Modaraba Ordinance and as such the income from sale of Modarabas Certificates enjoyed exemption under clause 116 of the Second Schedule to the Income Tax Ordinance, 1979. The exemption was rightly allowed by the 1T0 and the learned CIT(A) was not justified in holding that Modaraba was not a company and the Certificates were not shares covered by clause 116 of the Second Schedule to the Income Tax Ordinance. The exemption allowed by the assessing officer was neither erroneous nor prejudicial to the interest of revenue and consequently the revision order passed by the learned Commissioner of Income-tax under section 66A of the Income Tax Ordinance is hereby vacated and the exemption as allowed by the I.T.O. is hereby restored.
18. As the finding on the point of status of Modaraba holding the same to be a company concludes, the entire issue, therefore, we need not to dilate on the alternative pleas taken on behalf of the respondent.
19. The appeal is allowed as above.
(Sd.)??????????????????????????????????????? (Sd.)
(Muhammad Mushtaq)(Muhammad Mujibullah Siddiqui),
Accountant Member.??????????????? Judicial Member.
M.BA./2250/T???????????????????????????????????????????????????????????????????????????????????? Order accordingly.