[aurangabad_ca] Firm disolution- outstanding LC payments
AB Co. is a partnership firm. They were importing Bicycles from Sri Lanka, and paying them th' Usance LC. As the business is not profitable, as on 31.03.2010 they want to close down the business and dissolve the firm. As on date they owe their supplier at Sri Lanka about Rs.60 lakhs for the goods imported. They do not have fund to settle the due. The supplier at Sri Lanka is ready to waive the amount by issuing a credit note. How to go about ? if it is waived , then to that extent the firm has to pay tax on that amount and they do not have that much fund. If the disolution is made after 31.03.10, by showing the liability as on 31.03.10, and subsequently no transaction in 2010.-11, and do not file any return - will it be possible ? If usance LC remains unpaid - what sort of action RBI may take ? I need some expert opinion . Mohamed Shafi |
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AURANGABAD_CA is a Yahoo Group for the benefit of CA and other professional. It is especially meant for written discussion within group members and circulate the information among its members. The mail may contain such research/advice/opinion/information/fact provided by any member or moderator and every contain of the mail or information of yahoo is always subject to the Accuracy and of the description of facts.
The Aurangabad_CA , its moderator/owner do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant fact(s).
Considering all above facts m the transaction based on above mail may not complete without confirming proper statue/authority/person. Therefore any action/transaction taken on basis of this mail do not imply the accuracy or value . Further this Group's Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Yahoo Group.
For Seeking any Clarification you may mail only to Group Moderator on
girishkulk@gmail.com
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