Hello @Amit Badgujar · Welcome to Q&A platform and thank you for your query.
Tenant contain Identities but not resources (like VMs, Storage Accounts, Key Vaults etc.). Resources are always created under subscription(s). A subscription can be associated to one tenant at a given point in time. So, when you say "Move VM from one tenant to another tenant", you actually move the VM from a subscription associated with one tenant to another subscription associated with the other tenant.
Additional info: https://learn.microsoft.com/en-us/azure/active-directory/fundamentals/active-directory-how-subscriptions-associated-directory
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