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Informative

Indusind Bank Share Transactions Explained, No Unexplained Cash Deposits: ITAT Quashes PCIT’s Revision u/s 263

Update / Judgement Date

22 Aug 2025

Source

Taxscan

Author

Team — WCP Legal Desk

Reading Time

1 min read

Income TaxOther Legal Matters

The ITAT has quashed a PCIT's revision under Section 263, ruling that "IndusInd Bank share transactions" are "not unexplained cash deposits." The tribunal's decision provides a significant victory for the taxpayer. The ruling clarifies that a tax authority cannot add an income to a taxpayer's account if there is no proof.