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          Income Tax

          In respect of some loan, addition was made u/s 68 of the Act. Appeal is pending before CIT(A) and the assessee is eligible for opting Vivad se Vishwas. After making the payment of tax under Vivad se Vishwas, can the assessee make entries in his books by crediting the said loan in his capital account?

          FAQs on Direct Tax Vivad Se Vishwas Act, 2020

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          Vivad Se Vishwas settlement does not automatically permit reclassifying disputed loans as capital in books after payment. Payment under the Vivad Se Vishwas settlement of a disputed addition treating a loan as unexplained does not itself convert the disputed loan into an allowable capital entry in the assessee's books; Vivad Se Vishwas is a dispute-settlement mechanism and not an amnesty that retroactively validates disputed facts or compels a specific accounting treatment.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Vivad Se Vishwas settlement does not automatically permit reclassifying disputed loans as capital in books after payment.

                                  Payment under the Vivad Se Vishwas settlement of a disputed addition treating a loan as unexplained does not itself convert the disputed loan into an allowable capital entry in the assessee's books; Vivad Se Vishwas is a dispute-settlement mechanism and not an amnesty that retroactively validates disputed facts or compels a specific accounting treatment.


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