1. SALEEM AKHTAR, J.-----The title of the paper book shows that Commissioner of Income-tax (Central) Zone Karachi is the applicant but it is not correct. In fact Karachi Gas Limited Karachi is the applicant and on its application the Tribunal has referred the following question.
2. "Whether in the facts and circumstances of the case the Tribunal was justified in holding that the investment in shares by the assessee represented a capital asset within the meaning of section 12B read with section 24(2B) could be set off against capital gains only."
3. Mr. A.I Athar the learned counsel for the applicant states that the applicant is not interested in pursuing the case and does not press this reference. The reference is made by the Tribunal for the opinion of the High Court and therefore the applicant at whose instance reference has been made cannot withdraw the application at his own sweet will. Even if the applicant does not want to proceed with the case, once the reference has been made for the opinion of the Court the Court may proceed to answer the reference. Where the party at whose instance the reference has been made in not interested in proceeding with the matter the Court may refuse to reply the question. In this regard reference can be made to' M.M. Ispahani Ltd., Calcutta v. Commissioner of Excess Profits Tax West Bengal 1955(27) ITR 188, and Karachi Industrial Bank Ltd. v. Commissioner of Income--tax West Bengal 1956(30) ITR 16. In this case the applicant which had caused the reference to be made is not interested in the matter and therefore we refuse to answer the question. The learned counsel for the respondent has also not shown any anxiety to proceed with the matter and perhaps rightly so as the department is satisfied with the order passed by the Tribunal. We therefore refuse to answer the question.