https://www.taxtmi.com/caselaws?id=285335 Under section 66(1) of the Indian Income-tax Act, 1922, a question of law arises where a factual finding is unsupported by competent evidence, rests on no evidence, or is based on conjecture. The character of a receipt as capital or revenue is itself a question of law. On that basis, the Tribunal's conclusion that the assessees' business structure or entire activity had disappeared was vulnerable because, if it lacked evidentiary foundation, refusal to state a case could not be sustained. The order refusing reference was set aside and the proposed questions of law were directed to be referred to the High Court. en-us Tue, 24 Dec 1957 00:00:00 +0530 Wed, 08 Jan 2020 15:52:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285335 Under section 66(1) of the Indian Income-tax Act, 1922, a question of law arises where a factual finding is unsupported by competent evidence, rests on no evidence, or is based on conjecture. The character of a receipt as capital or revenue is itself a question of law. On that basis, the Tribunal's conclusion that the assessees' business structure or entire activity had disappeared was vulnerable because, if it lacked evidentiary foundation, refusal to state a case could not be sustained. The order refusing reference was set aside and the proposed questions of law were directed to be referred to the High Court. Case-Laws Income Tax Tue, 24 Dec 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285335