06-13-2011, 09:12 PM
Comments of experts and experience members are required.
Case
My company has taken over a running sole proprietorship concern organization, for this purpose we have signed a taking over agreement and completed the process.
However, the said proprietorship concern organization was a vendor unit of PSMCL and could not stop its transaction during handover process due to this sales tax output stands. Now the question arises here is,
i) We can't claim cash payment from FBR, because the entity has not been liquidated and the condition given in the sales tax ordinance is only in the condition where the item destroyed or lost etc[?]
ii) what would be the best possible way to get refund or transfer the balance into the company which has taken over the proprietorship concern[?]
Your answers and views will be highly appreciated.
Case
My company has taken over a running sole proprietorship concern organization, for this purpose we have signed a taking over agreement and completed the process.
However, the said proprietorship concern organization was a vendor unit of PSMCL and could not stop its transaction during handover process due to this sales tax output stands. Now the question arises here is,
i) We can't claim cash payment from FBR, because the entity has not been liquidated and the condition given in the sales tax ordinance is only in the condition where the item destroyed or lost etc[?]
ii) what would be the best possible way to get refund or transfer the balance into the company which has taken over the proprietorship concern[?]
Your answers and views will be highly appreciated.
