https://www.taxtmi.com/caselaws?id=6442 A finding of fact unsupported by evidence, or reached by ignoring essential material, gives rise to an error of law and can justify a reference under the income-tax reference provisions. The Tribunal's finding that the assessee had an 8-annas share in the branch firm was held to lack evidentiary basis, and its income estimate based on advances was treated as conjectural because profits do not depend solely on capital employed. The proposed questions therefore arose in law, and the High Court was required to call for a reference. en-us Thu, 06 Mar 1975 00:00:00 +0530 Fri, 05 Dec 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6442 A finding of fact unsupported by evidence, or reached by ignoring essential material, gives rise to an error of law and can justify a reference under the income-tax reference provisions. The Tribunal's finding that the assessee had an 8-annas share in the branch firm was held to lack evidentiary basis, and its income estimate based on advances was treated as conjectural because profits do not depend solely on capital employed. The proposed questions therefore arose in law, and the High Court was required to call for a reference. Case-Laws Income Tax Thu, 06 Mar 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6442