https://www.taxtmi.com/caselaws?id=26159 The High Court determined that the transfer of a petrol tanker from an individual to a partnership firm, where the individual also became a partner, did not constitute a sale under the Income-tax Act. The court held that such transfers to a partnership firm, where the partner is also the transferor, do not amount to sales as the firm is not a separate legal entity but a collective of partners. Therefore, the profit calculated under section 41(2) was not applicable, and the court dismissed the application for reference, affirming that no transfer or sale occurred in this scenario. en-us Tue, 16 Jul 1985 00:00:00 +0530 Wed, 03 Feb 2010 12:24:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26159 The High Court determined that the transfer of a petrol tanker from an individual to a partnership firm, where the individual also became a partner, did not constitute a sale under the Income-tax Act. The court held that such transfers to a partnership firm, where the partner is also the transferor, do not amount to sales as the firm is not a separate legal entity but a collective of partners. Therefore, the profit calculated under section 41(2) was not applicable, and the court dismissed the application for reference, affirming that no transfer or sale occurred in this scenario. Case-Laws Income Tax Tue, 16 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26159