KoinX’s software defaulted missing transaction histories to a ₹0 value foundation, leading to heavily inflated capital features/tax liabilities. Their assigned CAs passed the submitting without verification. After admitting the error, KoinX promised a refund multiple occasions inside 24–48 hours, but 15+ days later, no refund has been processed. I'm now ditching their system solely, recalculating independently by way of Google's Antigravity engine, and hiring an unbiased CA to file a Part 119(2)(b) condonation request with the IT Department.

???? 1. Software program Glitches & Inflated Tax Liability

• Zero Value Basis Default: KoinX’s automated system flagged Binance transactions with "Missing Acquisition Historical past" and defaulted the fee basis to ₹zero, artificially inflating good points on paper.
• No CA Verification: Despite paying for skilled CA submitting, the assigned CA handed the filing without flagging the zero-cost entries or asking for lacking knowledge.
• Self-Custody Misclassification: Inner transfers and unintentional pockets deposits/returns have been incorrectly factored in as taxable occasions, corrupting the final numbers.

⏳ 2. The 15+ Day Refund Delay Loop

After realizing the filing was compromised, I requested a refund for the service & CA fees to pursue a corrected submitting by means of a 3rd celebration. Help has constantly kicked the bucket down the street:

• Oct 21: KoinX confirmed the refund was "initiated" (7 working days ETA).
• Oct 29: 7 working days handed — no refund.
• Oct 30 – Nov 2: Brokers stored passing the difficulty to the "finance workforce".
• Nov 2 (5:09 PM): Official e-mail: "Refund initiated. It is best to obtain the quantity within 48 hours."
• Nov three (6:12 PM): Comply with-up e-mail: "Refund can be processed inside 24–48 hours."
• Nov 4: Over 48 hours handed — still nothing. Meanwhile, help tried auto-closing the ticket citing inactivity whereas giving equivalent canned responses.

????️ 3. How I Am Fixing This (Recalculation & Condonation Workflow)

In case your return was messed up by automated platforms, do NOT wait for his or her inner CAs. Here is the restoration strategy I'm taking:

1. Unbiased FIFO Recalculation: Re-running all uncooked wallet and trade CSVs regionally utilizing Google's Antigravity engine to:
   • Filter non-taxable self-custody transfers and mistake deposits/returns.
   • Reconstruct accurate FIFO value basis matching (making certain value foundation isn't defaulted to zero).
   • Generate a verified, audit-ready Schedule VDA ledger.
2. Outsourcing to a New Unbiased CA: Handing over the Antigravity audit report, unique filed ITR acknowledgements, and Type 26AS/AIS knowledge to a third-party CA.
3. Submitting Condonation of Delay u/s 119(2)(b): Submitting an software on the Revenue Tax e-Filing Portal beneath Part 119(2)(b) resulting from "real hardship brought on by defective third-party software calculations," attaching the verified ledger and e mail proofs as evidence or bodily submitting condonation letter and paperwork directly to PCIT if the web choice isn't obtainable.

???? What You Should Do:

1. Audit Your Tax Reviews: Double-check your Schedule VDA or crypto stories generated by KoinX line-by-line to ensure lacking value basis defaults haven't inflated your good points.
2. Demand Accountability: Don't accept unverified software calculations when paying for skilled CA help.
3. Shopper Grievance: login to https://e-jagriti.gov.in/login and register a shopper grievance towards KoinX for the refund of the quantity paid for the providers together with tax studies and CA.

Has anyone else experienced comparable cost-basis errors or infinite refund stalling with KoinX this season? How are your CAs handling condonation u/s 119(2)(b)?

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