Our Company is located in Aurangabad. We are receiving materials from Hyderabad. The supplier supplied the materials through the Truck. The truck met in the accident and we have not received the materials.
But arranging the transporter and making the payment to the transporter is our liability as per our agreement. The party also mentioning that as per rule once the material gone out of their premises it is considered as sale.
My Question is whether we have to issue the C- FORM?,if it is considered as a sale? and why we have to issue the C- FORM if the material is not actually received by us due to accident.
What is the remedy if the C Form not to be issued to the suppler? Please revert back.
27 August 2012
UNDER CONTRACT ACT WHEN GOODS DISPATCHED, IT IS PRESUMED THAT GOOD IS PAID FOR. THAT MEANS YOU PAID FOR THE GOODS. THEN C FORM IS FOR TRANSACTION PAID FOR AS YOU MAY BE AWARE WHEN YOU GET DOCUMENTS THROUGH BANK, YOU CAN GET DOCUMENTS WHEN YOU ISSUE NECESSARY TAX FORMS RELEVANT TO YOUR BANKER FOR NECESSARY TRANSMISSION TO SELLER'S BANK. SO WHEN U GET DOCUMENTS THEN YOU WOULD HAVE ISSUED. IF THERE IS TRANSIT INSURANCE VALID THEN YOU HAVE RECOURSE TO CLAIM LOSSES IF ANY SUSTAINED. SO YOU NEED TO ISSUE C FORM . YOU BEING A COMPANY PLS CONTACT YOUR LAWYER AND GET THINGS DONE APPROPRIATELY. TRANSIT INSURANCE CONCEPT IS TO PROTECT THE BUYER OF HIS PURCHASE OF GOODS. YES HOW FAR INSURANCE COMPANY HONORS ITS COMMITMENT IS INDEED A BIG QUESTION IN INDIA UNLIKE IN USA! ADV.DR G BALAKRISHNAN AS ADVISOR TO US COMPANIES IN USA TOO SO ONCE IN SIX MONTHS I VISIT USA. TKS
CAclubindia
