' SAAD SAOOD JAN, 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 arc 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 I 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 PLD 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 AIR 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 arc listed for hearing,