Das said that its a matter which revenue department’s investigation wing is examining and taking a lot of action
Revenue secretary Shaktikanta Das (Photo: firstpost.com)
New Delhi: Revenue secretary Shaktikanta Das said on Friday that investigation wing of the revenue department is probing companies which use the penny stock route for tax evasion.
“Sebi has certain facts before it and it has enough proof to show that market rules and practices were not in line with legal provisions. But let me also mention that this is one area where the revenue department has been working on companies which use certain penny stocks to misuse provision of capital gains,” said Mr Das.
He said that its a matter which revenue department’s investigation wing is examining and taking a lot of action. The capital markets regulator on Thursday had barred 59 entities, including high net worth individuals (HNIs), from securities markets and also referred the case to the income tax department for further investigations.
With a number of Indian and foreign companies in tax dispute with the government taking arbitration route, Mr Das said that arbitration was not the best way to settle international tax disputes.
“The developing countries, including India, feel that arbitration cannot be the best method for dispute resolution. Taxation is the sovereign function of every government,” he said.
( Source : deccan chronicle )
Next Story
