A new compound (3R)-l-azabicyclo[2.2.2]oct-3-yl 4-nitrophenyl carbonate of formula (IV); as an intermediate of Solifenacin. A process for the preparation of the compound of formula (IV) comprising; a. reacting (R)-quinuclidin-3-ol of formula (II) and bis (p-nitro phenyl) carbonate of formula (III) to form (3R)-l-azabicyclo[2.2.2]oct-3-yl 4-nitrophenyl carbonate of formula (IV); b. and isolating the compound of the formula (IV) from the reaction mass of step (a).