Capital gains valuation treated as a factual determination, so no question of law arose for reference.

The Tribunal treated the capital gains computation as a factual matter because the transfer related to the business as a whole and the disputed figure represented valuation of an intangible element not recorded in the books. The valuation adopted was also based on the Revenue's earlier valuation, so the result turned on fact-finding rather than statutory interpretation or a legal principle. On that basis, no question of law arose from the Tribunal's order and the reference application under section 256(1) was not maintainable.

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Issues: Whether any question of law arose from the Tribunal's order on the computation of capital gains and valuation of the transferred business asset so as to warrant a reference under section 256(1).

Analysis: The Tribunal had found as a matter of fact that the transfer related to the business as a whole and that the disputed amount represented the valuation of an intangible element not reflected in the books. The valuation adopted was based on the Revenue's own earlier valuation and the resulting figure was treated as a factual determination. On that basis, the matter did not present a legal issue capable of reference.

Conclusion: No question of law arose; the reference application was not maintainable.

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