Accountancy Forum

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.

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by irfan.mansoor</i>
<br />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.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Hello! anybody there??????????????

i dont know about it
ask the seniors by name some one may be of some help to u
regards

A broad guideline has been given to you at some other thread where you posted this issue. In fact you posted same message on three sub-forums which in itself is against the rules.

Anyhow, you have received the views which you inquired for, and the same is the purpose of the forum. Now, you should not expect someone to resolve your problem practically through this forum.

For this purpose you need to discuss the matter with some advisor/consultant who can handle your case practically at different forums e.g. Customs, Sales Tax, Income Tax, SBP, utility providers, so forth and so on. I assure you, you cannot get it done by simply finding out the legal provisions.

This is a sincere advice, if you wish to follow.

Regards,