https://www.taxtmi.com/caselaws?id=7402 A partner's introduction of lorries into a newly constituted partnership as capital did not amount to a sale under the Indian Sale of Goods Act, 1930. The accounting credit in the partner's capital account and debit in the firm's books was not decisive; the partnership deed and surrounding intention showed that the vehicles were contributed for use in the business, not transferred for price. As there was no sale of goods, the difference between written down value and the credited value was not taxable as profit under section 10(2)(vii) of the Income-tax Act, 1922. en-us Tue, 25 Jun 1968 00:00:00 +0530 Thu, 19 Feb 2009 11:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7402 A partner's introduction of lorries into a newly constituted partnership as capital did not amount to a sale under the Indian Sale of Goods Act, 1930. The accounting credit in the partner's capital account and debit in the firm's books was not decisive; the partnership deed and surrounding intention showed that the vehicles were contributed for use in the business, not transferred for price. As there was no sale of goods, the difference between written down value and the credited value was not taxable as profit under section 10(2)(vii) of the Income-tax Act, 1922. Case-Laws Income Tax Tue, 25 Jun 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7402