Is there a rationale to decide which one of try or if constructs to use, when testing variable to have a value?

For example, there is a function that returns either a list or doesn't return a value. I want to check result before processing it. Which of the following would be more preferable and why?

result = function();
if (result):
    for r in result:
        #process items

or

result = function();
try:
    for r in result:
        #process items
except TypeError:
    pass;

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Checking for member existence in Python