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: 124




NIA Can't Enter AP: Naidu On Jagan Attac...

NIA Can't Enter AP: Naidu On Jagan Attack Case

After preventing CBI from entering AP following the raids on TDP Leaders, CM Chandrababu Naidu declared National Investigation Agency (NIA) can't interfere in the matters related to his state. To the question over NIA handling Jagan Attack Case, Babu replied: 'NIA should come to the state. Centre ha...

17 Jan 2019

Telangana, Andhra govts waive toll tax a...

Telangana, Andhra govts waive toll tax as thousand...

The move is expected to ease long traffic snarls seen at the toll gates on Hyderabad-Vijayawada, Hyderabad-Warangal and other highways since Friday night. With thousands of families living in Hyderabad heading to their native places in both the Telugu states for Sankranti, the Telangana government o...

13 Jan 2019

Hyderabad police seize Chinese manja wor...

Hyderabad police seize Chinese manja worth Rs 10 l...

Over the years, kite flying using Chinese manja (synthetic thread coated with finely crushed glass) has become popular, but it been outlawed as it causes harm to birds. The Hyderabad Police on Saturday conducted simultaneous raids and arrested two people for illegally procuring, stocking and selling...

13 Jan 2019

TRS demands disqualification of 3 MLCs f...

TRS demands disqualification of 3 MLCs for anti-pa...

Council Chairman K Swamy Goud said that he would consult constitutional experts and reserved his decision. The Telangana Rashtra Samithi (TRS) on Saturday presented its argument for the disqualification of three of its MLCs and demanded legal action for 'anti-party' activities as they joined the Con...

13 Jan 2019

Noted banker and AAP leader Meera Sanyal...

Noted banker and AAP leader Meera Sanyal passes aw...

Meera Sanyal had been battling cancer for two years now. Meera Sanyal, AAP leader and former CEO of Royal Bank of Scotland in India, passed away at the age of 57 after a two-year battle with cancer. Meera was born in Kochi in 1961 to Indian Navy Officer Gulab Mohanlal Hiranandani and Banu Hiranandan...

12 Jan 2019

India's second moon mission Chandrayaan-...

India's second moon mission Chandrayaan-2 to be la...

The window to land on the lunar surface is open between March 25 till the end of April, ISRO Chairman K Sivan said. India's second lunar mission Chandrayaan-2 with a lander and rover will be attempted in mid-April, a top space official said on Friday. "We are targeting mid-April to launch Chandrayaa...

12 Jan 2019

How agents trafficking women in Hyderaba...

How agents trafficking women in Hyderabad continue...

Activists working on the ground say that a case is generally registered under Section 420 (Cheating) of the IPC but the agents are let off on bail very easily. It was in October last year that Nasreen Fatima met Ahmadi Begum in Hyderabad’s Shaheen Nagar area. Ahmadi Begum’s daughter used...

11 Jan 2019

GST Council making decision without cons...

GST Council making decision without consulting sta...

"Agenda items should be fixed taking into consideration the requests of the states also," Yanamala Ramakrishnudu said. Andhra Pradesh Finance Minister Yanamala Ramakrishnudu on Thursday lashed out at the Centre and alleged that the Goods and Services Tax (GST) Council was taking decisions unilateral...

11 Jan 2019