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?

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? https://www.taxtmi.com/manuals?id=3397 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. en-us Wed, 06 Dec 2023 14:16:00 +0530 Wed, 06 Dec 2023 14:16:00 +0530 TaxTMI RSS Generator 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? https://www.taxtmi.com/manuals?id=3397 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. Manuals Income Tax Wed, 06 Dec 2023 14:16:00 +0530 https://www.taxtmi.com/manuals?id=3397