A crypto trader from Lucknow reportedly received an ₹88 lakh tax notice despite investing only ₹9.6 lakh and declaring a ₹3.3 lakh loss from Bitcoin trading. The issue was not his final profit or loss, but the total transaction volume, which crossed ₹80 lakh through repeated crypto swaps, wallet transfers, and exchange activity. India’s tax system now tracks crypto at the transaction level using exchange data, TDS records, AIS reports, bank statements, and ITR filings. The case highlights how mismatched disclosures or incomplete records can trigger scrutiny even when traders lose money overall.
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