A former office boy in Mumbai has won a major legal battle after the Income Tax Appellate Tribunal (ITAT) quashed a reassessment that added nearly Rs 1.46 crore to his taxable income over disputed financial transactions. The case highlights how the alleged misuse of KYC documents can leave individuals facing tax demands over transactions they claim they never carried out.
However, the tribunal’s decision was based on the invalid service of an income-tax notice and did not examine the allegation of KYC document misuse.
