TMI Blog2006 (9) TMI 538X X X X Extracts X X X X X X X X Extracts X X X X ..... elhi Bench, SMC-1 in ITA No. 2498/Delhi/2002 relevant for the assessment year 1998-99. 2. The assessee was incorporated on 14-7-1997 and is engaged in the business of information technology services such as software development/consultancy, business process management, electronic banking schemes etc. 3. It filed a return on 26-11-1998 claiming a loss of about ₹ 4.4 crores. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t is how the revenue is before us under section 260A of the Income-tax Act, 1961. 6. The Tribunal has relied upon the order passed by the CIT(A) and in fact has more or less adopted the reasoning given by the First Appellate Authority. It has been noted that the assessee had employed as many as 30-40 employees for the purposes of developing software and had acquired requisite infrastructure suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tting up its business. The Tribunal has noted that none of the factual findings that have been arrived at by the CIT(A) were controverted by the revenue in appeal. The assessee had also produced some additional evidence before the CIT(A) and even this was neither objected to nor controverted by the revenue. 7. Under these circumstances, the Tribunal did not find it appropriate to interfere with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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