News & Media 8th Apr 2024

Penny stocks linked tax evasion: Tax dept may take you to tribunal and court for bogus transactions

Latest Thought Leadership

Alerts & Updates 15th Apr 2026

BIS Update: Extension to compulsory use of Standard Mark for household, commercial, and similar electrical appliances

Read More
Alerts & Updates 13th Apr 2026

IFSCA Signals Stricter Enforcement for Violation of SEZ Rules

Read More
Alerts & Updates 13th Apr 2026

IFSCA Mandates ICSI Certification for Fund Management Personnel in IFSC

Read More
Restructuring and Bankruptcy
Alerts & Updates 11th Apr 2026

Fraud Classification vs. Wilful Default: Evolution of Law and Scope of Natural Justice in Banking Regulation

Read More

Penny stocks: The income tax department can now file an appeal in tribunals and court if you are found to be using penny stocks or accommodation entries or both to evade taxes. Earlier the tax department could file such appeals only if the tax effect crossed certain thresholds, however now these cases are to be taken on merit irrespective of the tax effect amount.

To shed light on this issue, Economic Laws Practice (ELP)’s Mitesh Jain has been quoted in an article, “Penny stocks linked tax evasion: Tax dept may take you to tribunal and court for bogus transactions” written by Neelanjit Das from The Economic Times.

Tune into the detailed story here

Privacy Policy

As per the rules of the Bar Council of India, lawyers and law firms are not permitted to solicit work or advertise. By clicking on the "I Agree" button, you acknowledge and confirm that you are seeking information relating to Economic Laws Practice (ELP) of your own accord and there has been no advertisement, personal communication, solicitation, invitation or any other inducement of any sort whatsoever by or on behalf of ELP or any of its members to solicit any work through this website.