Respected sir
\nThe addition has been made under section 68 as alleged fake loans
\nThe said loan has been fully repaid and interest has also been paid on the said loan and TDS is also deducted
\nIf the assessee buys peace under vivad se vishwas scheme
\nCan he capitalize the alleged fake loan which is already repaid by crediting this in p&l or by any other way because the income can be taxed only once
\nWill there be any implications w.r.t benami law and gst
\nAnd what are the other issues which should be brought into consideration before entering into the scheme
\nThere is also a favourable ruling of the in other case jurisdictional itat where the the creditor co. Is treated as genuine and loan from it as genuine loan
\nAren’t subordinate authorities bound by decision of itat<\/p>\n","protected":false},"excerpt":{"rendered":"
Respected sir The addition has been made under section 68 as alleged fake loans The said loan has been fully repaid and interest has also been paid on the said loan and TDS is also deducted If the assessee buys peace under vivad se vishwas scheme Can he capitalize the alleged fake loan which is already repaid by crediting this in p&l or by any other way because the income can be taxed only once Will there be any implications w.r.t benami law and gst And what are the other issues which should be brought into consideration before entering into the scheme There is also a favourable ruling of the in other case jurisdictional itat where the the creditor co. Is treated as genuine and loan from it as genuine loan Aren’t subordinate authorities bound by decision of itat<\/p>\n