MERCEDES - BENZ INDIA PVT. LTD.,,PUNE vs. DEPUTY COMMISSIONER OF INCOME-TAX,

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm आयकर अऩीऱ सं./ Ita No. 1865/Pun/2013 यनधाारण वषा / Assessment Year : 1999-2000 Mercedes Benz India Private Limited. ( Formerly Known As Daimler Chrysler India Private Limited) E-3, Midc Chakan, Phase-Iii, Chakan Industrial Area, Kuruli & Nighoje, Tal : Khed, Pune-410 501. Pan : Aabcm 1789L .......अऩीऱाथी / Appellant बनाम / V/S. The Deputy Commissioner Of Income Tax, Circle-9, Pune. ……प्रत्यथी / Respondent

269T of the Income Tax Act, 1961. During the relevant Assessment Year it was observed that instead of repaying loan and receiving sale price of shares both parties had agreed that the said amount i.e. a loan and sale consideration to be set off in their respective books by journal entries. In the impugned case before us the assessee