Rs 60 cr unaccounted income unearthed from TRS MP Srinivasa Reddy’s firm: I-T Dept

Rs 60 cr unaccounted income unearthed fr...

 

While the Khammam MP has denied any wrongdoing, PTI has reported that his brother, the company’s Managing Partner, has admitted that the amount was unaccounted for.

 

The Income Tax Department has claimed that it had unearthed Rs 60 crore of unaccounted income from Raghava Construction group, which is associated with TRS MP from Khammam, Ponguleti Srinivasa Reddy.

The Income Tax department carried out a search at Srinivasa’s residence and offices at 16 places including Hyderabad, Ongole, Khammam, Guntur and Vijayawada on September 18, which continued for four days, according to reports.

The officials said the department has found tax evasion by the firm on at least three counts by allegedly processing ‘bogus sale bills’ and letting of ‘sub-contracts to purported fictitious accounts.’

Both Srinivasa’s wife and son are the directors of the company, while Reddy’s brother Prasad Reddy is the company’s Managing Partner. While the MP has denied any wrongdoing, his brother had reportedly recorded a statement and admitted that the amount was unaccounted for, according to PTI.

Srinivasa Reddy told TOI, “All our income are tax paid. The documents seized by the I-T department are still under examination and if it finds any inaccuracies, we are ready to pay taxes as applicable.”

Contrary to his claim, a senior official reportedly told PTI, "The undisclosed income detected in this case is for various assessment years and the firm has assured it will soon pay the due tax."

Reddy was elected as the MP from the YSRCP in 2014 but later joined the Telangana Rashtra Samithi, claiming that YSRCP was anti-Telangana.

Srinivasa played an important role in gathering a large number of people for the TRS’ ‘Pragati Nivedana Sabha’, held at the outskirts of Hyderabad before the Telangana Assembly was dissolved. In fact, he had personally flagged off 20,000 farmers from Khammam, who made their way to the meeting.

Srinivasa also enjoys influence in the Singareni Collieries region and was one among many, who campaigned for the TRS-affiliated workers union, Telangana Boggu Ghani Karmika Sangham (TBGKS), along with Nizamabad MP K Kavitha.

The mines in the Singareni Collieries region are spread over several districts, employ thousands of local residents. In October last year, after days of campaigning, the TBGKS retained its hold in the largest public sector company in the state, winning nine out of 11 divisions in the elections.

 

 

 

 


PostedOn: 09 Nov 2018 Total Views: 167




Death toll in Sri Lanka blasts rises to ...

Death toll in Sri Lanka blasts rises to 310, 40 pe...

The toll from a string of deadly suicide bomb attacks in Sri Lanka has risen to 310, with several people dying of their injuries overnight, a police spokesman said Tuesday. Around 500 people were wounded in the blasts, Ruwan Gunasekera said in a statement. He added that 40 people were now under arre...

23 Apr 2019

Communal politics takes centrestage in W...

Communal politics takes centrestage in WB as TMC, ...

West Bengal, where the electoral discourse has largely steered clear of communal politics, has been drawn into the vortex with the TMC and the BJP accusing each other of resorting to polarisation to get a larger share of the pie in the 2019 Lok Sabha polls. A minor player in the state till a few yea...

20 Apr 2019

Hyderabad: Newlyweds end lives after a b...

Hyderabad: Newlyweds end lives after a bitter figh...

A newlywed couple from Uppal has committed suicide in their house after a quarrel between them. The police found that one of the victims has sent a text message to his relative before taking the extreme step. Kandukuri Doradanda Naidu, 40, and Adisamol Anitha, 32, got married about eight months ago....

20 Apr 2019

Temple for K Chandrasekhar Rao if farmer...

Temple for K Chandrasekhar Rao if farmers made hap...

Congress MLA Turpu Jaya Prakash Reddy, popularly known as Jaggareddy, on Thursday said that he would construct a temple for Chief Minister K. Chandrasekhar Rao if he implements his decision to provide remunerative prices to the farmers by his government. Mr Reddy welcomed the statement by Mr Rao two...

20 Apr 2019

Officials told to skip Chandrababu Naidu...

Officials told to skip Chandrababu Naidu meets

With the Election Commission objecting to the review meetings held by Andhra Pradesh Chief Minister N. Chandrababu Naidu, chief secretary L.V. Subrahmanyam has instructed all IAS, IPS and other officials not to attend any review meetings. He also directed Director General of Police R.P. Thakur not t...

20 Apr 2019

Delhi woman dragged on platform after sa...

Delhi woman dragged on platform after saree gets s...

A 40-year-old woman suffered head injuries on Tuesday after her saree got stuck in a carriage door of a Delhi Metro train as it was about to leave a station, due to which she got dragged on the platform, her husband said. The woman, Gita, was travelling with her daughter when the incident took place...

16 Apr 2019

SC to examine plea to allow Muslim women...

SC to examine plea to allow Muslim women to enter ...

The Supreme Court on Tuesday issued a notice to Centre on plea seeking to allow Muslim women to enter mosques to offer prayers. A bench headed by Justice S A Bobde issued notice to the Centre and asked it to respond to the plea filed by a Pune-based couple. The bench told the counsel appearing for t...

16 Apr 2019

Amid reports of Jet Airways temporary sh...

Amid reports of Jet Airways temporary shut down, G...

According to sources, Jet Airways founder Naresh Goyal has decided not to bid for acquiring stake in the cash-strapped airline. Jet Airways is grappling with acute financial crunch and is operating less than 10 planes besides temporarily suspending international operations. Civil Aviation Minister S...

16 Apr 2019