1991 PLP 2289 (SCMR)
M/S. EBRAHIM BROTEHRS (Pvt.) LIMITED — Petitioner Versus THE COMMISSIONER OF INCOME-TAX,
| Citation | 1991 PLP 2289 (SCMR) |
| Forum / Court | High Court |
| Bench Members | Ajmal Mian and Salecm Akhtar, JJ |
| Parties | M/S. EBRAHIM BROTEHRS (Pvt.) LIMITED — Petitioner Versus THE COMMISSIONER OF INCOME-TAX, |
| Primary Law | Income-tax Act (XI of 1922) |
Q1: What are the key laws and sections cited in 1991 PLP 2289 (SCMR)?
This judgment primarily cites: Income-tax Act (XI of 1922) as referenced in Pakistani case law index.
Q2: Which judicial bench decided the case 1991 PLP 2289 (SCMR)?
The case was heard and decided by the High Court bench comprising: Ajmal Mian and Salecm Akhtar, JJ.
Q3: What is the official citation format for this judgment on Pakistan Law Portal?
Cite this legal precedent as: 1991 PLP 2289 (SCMR) (M/S. EBRAHIM BROTEHRS (Pvt.) LIMITED — Petitioner Versus THE COMMISSIONER OF INCOME-TAX,). Read the full summary and cross-referenced laws free on Pakistan Law Portal.
Laws Cited
Representation
- Dr. Nasim Ahmed Khan, Advocate Supreme Court and M. Shabbir Ghaury, Advocate -on-Record for Petitioners.
- Nemo for Respondent.
- Date of hearing: 9th June, 1991.
- Dr. Nasim Ahmed Khan, Advocate Supreme Court and M. Shabbir Ghaury, Advocate ‑on‑Record for Petitioners.
Headnotes / Summary
(From the judgment dated 10-1-1991 of the High Court of Sind, Karachi passed in I.T.R. No.83 of 1982)
S. 12(b)(2)(ii)
Constitution of Pakistan (1973), Art. 185(31
Question referred to High Court was whether Income Tax Tribunal was justified in holding that for computation of capital gain the cost of bonus shares should be taken as its face value and not the average cost of all shares including bonus shares-- Conflict of views on the subject between the two High Courts having been pointed out, leave to appeal was granted by Supreme Court to resolve the same and to consider the question as to whether High Court, in the case, was justified in answering the question in negative. Commissioner of Income-Tax, Lahore v. Umar Saigol 1973 PTD 450 ref.
Judgment & Decree
AJMAL MIAN, J.‑‑‑This is a petition for leave to appeal against the judgment dated 10‑1‑1991 passed by a Division Bench of the High Court of Sindh in I.T.R. No.83 of 1982, filed by the respondent under section 66(1) of the Income Tax Act, 1922, for soliciting the opinion of the High Court on the following question:‑
"Whether on the facts and in the circumstances of the case, the`Tribuna1 was justified in holding that for computation of capital gain the cost of bonus shares should be taken as its face value and not the average cost of all shares including bonus shares." The above question has been answered by the High Court in the negative. The petitioner/assessee has, therefore, filed the present petition for leave to appeal. 2 Dr. Nasim Ahmed Khan, learned A.S.C. appearing for the petitioner, has contended that there is conflict of view between the Lahore High Court and the Sindh High Court on the above question, inasmuch as in the case Commissioner of Income‑Tax, Lahore v. Umar Saigol 1973 PTD 450 the Lahore High Court has taken a contrary view what has been found favour with the learned Judges of the Sindh High Court in the impugned judgment.
3. We are inclined to grant leave to appeal in order to resolve the above conflict and to consider the question, whether the High Court was justified in answering the above‑quoted question in the negative. Security Rs. 5,
000. M.B.A./E‑23/S Leave granted.