JUDGMENT

[This matter is being taken up today on account of the holiday declared on 08.09.2023]

1. This appeal concerns Assessment Year (AY) 2011-12.

2. Via the instant appeal, the appellant/revenue seeks to assail the order dated 30.10.2018, passed by the Income Tax Appellate Tribunal [in short, "Tribunal"].

3. Mr Ruchir Bhatia, learned senior standing counsel, who appears on behalf of the appellant/revenue, submits that broadly two issues arise for consideration in the present appeal:

(i) Whether the Tribunal has erred in law in the treatment of foreign exchange gain/loss by categorizing it as operating income/ operating loss?

(ii) Whether the Tribunal has erred in law while excluding two comparables i.e., Wipro Technologies Services Ltd. and Infosys Ltd?

4. Insofar as the first issue is concerned, Mr Bhatia cannot but accept that it stands covered against the appellant/revenue by a decision dated 06.01.2016, rendered in ITA 17/2016, titled Pr. Commissioner of Income Tax-3 v. Fiserv India Pvt. Ltd..

5. The second issue, as noticed above, concerns the exclusion of comparables.

6. Insofar as exclusion of Infosys Ltd. is concerned, we have queried Mr Bhatia as to whether any appeal has been