Law:

Section:

Income-tax Act (XI of 1922)--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. ORDER 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…

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