The Times of India

Rs 1.46 crore tax demand on office boy who alleges KYC misuse; what ITAT ruled

The Income Tax Department initiated reassessment proceedings against a man after receiving information about transactions associated with a pharma company, described in the information available to the tax authorities as the mans proprietary concern. The bank account records showed debit entries of Rs 1,27,62,500 and credit entries of Rs 18,85,000.