https://www.taxtmi.com/caselaws?id=29358 The High Court determined that a new firm was formed on April 27, 1966, distinct from the previous one, and not falling under Section 187 of the Income Tax Act. The transfer of assets from the old firm to the new firm did not constitute a sale under the Income Tax Act as the partners were common, and the assets essentially vested in the partners collectively. Therefore, the court held that there was no sale of assets between the old and new firm, and no costs were ordered for the reference. en-us Tue, 05 Jan 1982 00:00:00 +0530 Fri, 12 Mar 2010 13:31:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29358 The High Court determined that a new firm was formed on April 27, 1966, distinct from the previous one, and not falling under Section 187 of the Income Tax Act. The transfer of assets from the old firm to the new firm did not constitute a sale under the Income Tax Act as the partners were common, and the assets essentially vested in the partners collectively. Therefore, the court held that there was no sale of assets between the old and new firm, and no costs were ordered for the reference. Case-Laws Income Tax Tue, 05 Jan 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29358