https://www.taxtmi.com/highlights?id=68798 Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is already some liability/asset/entry in books of account's which is to be adjusted. However, in the instant case that was not the case. There was no entry subsisting in the books of account's which was adjusted.This was a fresh issue of equity shares for consideration other than cash, and was not issued against any of liability in the books of accounts. - additions confirmed - AT en-us Sat, 18 Mar 2023 12:11:43 +0530 Sat, 18 Mar 2023 12:11:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68798 Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is already some liability/asset/entry in books of account's which is to be adjusted. However, in the instant case that was not the case. There was no entry subsisting in the books of account's which was adjusted.This was a fresh issue of equity shares for consideration other than cash, and was not issued against any of liability in the books of accounts. - additions confirmed - AT Highlights Income Tax Sat, 18 Mar 2023 12:11:43 +0530 https://www.taxtmi.com/highlights?id=68798