2002 (12) TMI 47 - DELHI HIGH COURT

Finding of fact - Whether the Income-tax Appellate Tribunal was justified in treating the share application money as explained even though the major share investing companies were non-existing? - Whether the Income-tax Appellate Tribunal was correct in holding that the assessee had discharged its onus of proving the identity and creditworthiness of both the creditors as well as the genuineness of the transactions? - Admittedly, the aforenoted finding of the Tribunal is factual. Therefore, the only question for consideration is whether the said finding could be said to be without any evidence or material or is it contrary to the evidence on record or there is no direct nexus between the conclusion of fact and the primary fact upon which that conclusion is based. It is only under any one of these circumstances, a finding of fact may be interfered with. Otherwise, a bare question of fact cannot be turned into a question of law by asking whether as a matter of law the authority came to a correct conclusion upon a matter of fact.