1989 PLP 41 (PTD)
THE COMMISSIONER OF INCOME-TAX CENTRAL ZONE , LAHORE Versus UMREEN SAIGOL and others
| Citation | 1989 PLP 41 (PTD) |
| Forum / Court | Supreme Court of Pakistan |
| Bench Members | Muhammad Afzal Zullah and Saad Saood Jan, JJ |
| Parties | THE COMMISSIONER OF INCOME-TAX CENTRAL ZONE , LAHORE Versus UMREEN SAIGOL and others |
| Primary Law | Income-tax Act (XI of 1922) |
Q1: What are the key laws and sections cited in 1989 PLP 41 (PTD)?
This judgment primarily cites: Income-tax Act (XI of 1922) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1989 PLP 41 (PTD)?
The case was heard and decided by the Supreme Court of Pakistan bench comprising: Muhammad Afzal Zullah and Saad Saood Jan, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1989 PLP 41 (PTD) (THE COMMISSIONER OF INCOME-TAX CENTRAL ZONE , LAHORE Versus UMREEN SAIGOL and others). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Muhammad Ilyas Khan, Advocate Supreme Court and Iftikharuddin Ahmad, Advocate-on-Record for Petitioner.
- Sh. Salahuddin, Advocate-on-Record for Respondents.
Headnotes / Summary
(On appeal from the judgments and orders dated 19th, 24th, 25th and 27th April, 1982 and 2nd and 15th May, 1982 in P.T.R. Nos. 3 to 7, 9 to 20 and 22 to 33 of 1981).
S. 12-B--Computation of capital gain--Leave to appeal granted to examine the contention that view taken by High Court in Commissioner of Income-tax v. Umar Saigol P L D 1973 Lah. 834 that while computing capital gains the cost of bonus shares was to be taken as the face value of the shares was erroneous. Commissioner of Income-tax, Calcutta v. G.M. Investment Company A I R 1969 SC 1183 quoted.
Judgment & Decree
SAAD SAOOD JAN, J.-- These are 29 petitions for special leave to appeal from the judgment of the Lahore High Court, Lahore, Petitions Nos. 696, 697, 698, 699, 700, 701, 702, 703, 704, 709, 710 and 724 are barred by time. As in all these petitions before us the same question of law arises and the question is of considerable public importance, we condone the delay.
2. The question for consideration is whether while computing capital gains the costs of the bonus shares is to be taken as the face value of the shares. This question has been answered by the High Court in the negative on the basis of an earlier decision of that Court reported as Commissioner of Income-tax v. Umar. Saigol P L D 1973 Lah. 834.
3. In support of this petition it is contended that the view taken by the High Court in the said precedent is erroneous and in support of this contention reference has been made to a decision of the Indian Supreme Court in Commissioner of Income-tax, Calcutta v. G.M, Investment Company A I R 1969 SC 1183 where it was held that the proper course Was to take the costs of the original shares and to spread it over the original as well as the bonus shares and to find out the average price of all the shares.
4. The question raised in these petitions needs examination. Leave to appeal is granted. The appeals may be made ready for hearing on the present record with permission to the parties to file additional necessary documents, if any, within' two months. The learned counsel for the petitioner may also find out if any petition for leave to appeal was filed from the precedent case cited above and if so, whether it has since been decided or is still pending. He shall give this information to the Office before the appeals are listed for hearing, M.BA./C-26/S Leave granted.