Tuesday, March 15, 2011

IT slaps notices of Rs 122 cr on Jagan-owned company

Hyderabad, March 15, 2011

The Income Tax department has slapped show cause and demand notices to the tune of of Rs 122 crore to former Congress MP Y S Jaganmohan Reddy-owned Jagathi Publications (JPPL) for alleged mismatching amounts reported in company records.

Mr. Jagan Reddy, son of late Andhra Pradesh Chief Minister Y S R Reddy, had resigned from Congress last year and has now announced a new party—YSR Congress Party.

Sources said the IT department had issued notices to JPPL.

"The matter is with the assessment wing and they are assessing the case," the sources said.

Jagathi Publications publishes Telugu Daily-Sakshi and runs a TV news channel also named Sakshi.

Mr. Jagan reportedly paid Rs 84 crore as advance tax in September last year anticipating an income of Rs 500 crore.

News From: http://www.7StarNews.com

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