https://www.taxtmi.com/caselaws?id=756825 The ITAT Hyderabad dismissed the assessee's appeal in a revision case under section 263. The assessee had treated foreign exchange loss as operating expenses in assessment year 2017-18, deviating from its consistent treatment in other years (2015-16 to 2020-21). The TPO failed to verify this inconsistent treatment during assessment proceedings. The CIT(IT TP) found the TPO's non-verification prejudicial to revenue interests and directed fresh consideration. The ITAT upheld this decision, ruling that the TPO's failure to examine the assessee's inconsistent accounting treatment constituted an error warranting revision proceedings. en-us Tue, 30 Jan 2024 00:00:00 +0530 Sat, 10 Aug 2024 09:04:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756825 The ITAT Hyderabad dismissed the assessee's appeal in a revision case under section 263. The assessee had treated foreign exchange loss as operating expenses in assessment year 2017-18, deviating from its consistent treatment in other years (2015-16 to 2020-21). The TPO failed to verify this inconsistent treatment during assessment proceedings. The CIT(IT TP) found the TPO's non-verification prejudicial to revenue interests and directed fresh consideration. The ITAT upheld this decision, ruling that the TPO's failure to examine the assessee's inconsistent accounting treatment constituted an error warranting revision proceedings. Case-Laws Income Tax Tue, 30 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756825