KoinX, the crypto‑tax platform founded by Punit Agarwal, was flagged by the Income Tax Department for a discrepancy in reported transaction values in the 2022‑23 assessment year—yet the company has not announced any revenue or profit impact.
The notice cites figures reported by exchanges that differ from those filed in the investor’s ITR, a common issue when multiple wallets and exchanges are involved. Agarwal urged investors to compare the notice’s figures against their own exchange statements to confirm whether the mismatch is a reporting error or a genuine discrepancy.
While the tax notice does not equate to tax evasion, it signals a tightening of scrutiny on crypto trading records, pushing market participants toward more rigorous reconciliation practices.
Analysts note that the broader crypto market has seen a 12% rise in institutional interest, yet regulatory compliance remains uneven, with 35% of surveyed exchanges reporting internal audit gaps.
The next steps for KoinX involve submitting a detailed response to the department by the deadline, and the company plans to update its guidance on transaction documentation by Q3 2026.
Investors should keep a close eye on any regulatory changes that may affect tax filings and market sentiment toward digital asset platforms.