Revision u/s 263 justified as consistency not followed in treatment of foreign exchange gain/loss: ITAT Hyderabad

Corteva Agriscience Services India Pvt. Ltd. Vs DCIT (ITAT Hyderabad) ITAT Hyderabad held that revision under section 263 of the Income Tax Act justified as consistency not followed in treatment of foreign exchange gain/loss amounts to error in sofar as it is prejudicial to the interest of revenue. Facts- Subsequent to the assessment, PCIT issued notice under section 263 of the Act proposing to visit the issue relating to the assessee treating the foreign exchange loss as operating. Notably, the assessee reiterated their stand and also pleaded that there was detailed investigation by TPO and, ...