1. ' AJMAL MIAN, C. J.--By this reference under section 66 (2) of the Income Tax Act 1922 (hereinafter referred to as the Act), the opinion of this Court has been sought on the following question:- "Whether, on the facts and in the circumstances of the case, the learned Tribunal was justified in holding that a sum of Rs,38,125 being cost of shares of a company registered in East Pakistan (now Bangladesh) should be treated as capital loss and be allowed accordingly)."
2. Mr. Shaikh Haider learned counsel for the applicant has candidly invited our attention to Circular No,11 of 1972 dated 28-11-1972 wherein it has been expressly provided that the loss of shares in East Pakistan is a capital loss. In view of the above circular the finding of the learned Income Tax Tribunal seems to be in consonance with the above circular. We. Therefore, record our answer to the above question in the affirmative. However, there will be no order as to costs.