Take-over of firm by company

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madhur gupta (Querist)
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15 December 2011 Hello Friendz
if there is take-over of partnership firm made by company then what will status of VAT on transfer of stock lying and fixed assets transferred

We are planning this take-over through succession of firm by take-over
Plz help me in this regard relating to VAT status as i have gone through income tax aspect there is direct provision u/s 47(xiii) covering this aspect

I am doubtful regarding VAT
Thx

MJ Krishnamurthy

MJ Krishnamurthy (Expert)
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15 December 2011 Mr Madhur Gupta,
In many states(like Karnataka)sale of business as a whole is exempt from VAT. So, the stock transferred also gets exemption, along with any assets.
MJK

madhur gupta

madhur gupta (Querist)
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16 December 2011 Thx sir for the reply

My question is in context of Punjab
So plz guide me in this regard with reference to sec.or some case law as we have o go for this succession
Thx

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