I-T Dept slaps showcause notices on Jagan Reddy
Hyderabad: The Income Tax Department has
slapped showcause and demand notices to the tune of Rs 122
crore on YS Jaganmohan Reddy, a former Congress MP that owns
Jagathi Publications (JPPL), for mismatching amounts reported
in company records.
The notice assumes significance as Jagan Reddy announced
a new party -- the YSR Congress Party -- just two days ago.
When contacted, sources close to the Income Tax
Department confirmed the issuance of a notice to Jagathi and
said the matter is with the assessment department.
"The matter is with the Assessment wing and they are
assessing the case," sources said.
Jagathi Publications is into various media activities
like publishing a Telugu Daily Sakshi and running a 24-hour
news channel TV, also Sakshi.
Jagan Reddy reportedly paid Rs 84 crore as advance tax in
September last year, anticipating an income of Rs 500 crore.
More from India
More from World
More from Sports
More from Entertaiment
- Indian Army conducts surgical strikes across LoC: Watch DGMO Lt Gen Ranbir Singh's PC
- Indian Army targets terror camps across LoC; Pak PM Sharif condemns
- 7 terror camps destroyed by Indian Army in surgical strikes
- Indian Army surgical strike: Pak rejects claim, says 2 soldiers killed
- BSF cancels beating the retreat ceremony at Wagah post surgical strikes
- SETBACK! Sedition case against 200 Congress workers for shouting 'Pakistan Zindabad' slogans during rally for Uri martyrs
- What is surgical strike and how it is conducted - MUST KNOW for every Indian
- SALUTE! Brave Indian army commandos give befitting reply to Pak-sponsored terrorists
- Surgical strikes across LoC in Pakistan were filmed, videos kept as proof
- US NSA Susan Rice calls Ajit Doval, says 'expect Pakistan to take action against terror’