[ecis2016.org] A real estate firm linked to an MP of the ruling TRS party in Telangana, has admitted over Rs 60 crores as undisclosed income to the I-T Department, after multiple raids were conducted against it
A real estate firm, Ms Raghava Constructions, promoted by Telangana Rashtra Samithi (TRS) parliamentarian P Srinivasa Reddy, has admitted to having over Rs 60 crores as undisclosed income, after multiple raids were conducted against it in September 2018, officials from the Income Tax (I-T) Department said. Reddy’s family members are partners in the company, they said. Reddy was elected to the Lok Sabha in the 2014 elections, on a YSR Congress Party ticket but later switched over to the TRS.
You are reading: TRS MP’s firm reports Rs 60 crores black money after raids in Telangana: I-T Department
The I-T Department had launched searches at 16 premises of the firm and its executives in Hyderabad, Khammam, Guntur, Vijaywada, Ongole and Kadapa, on September 18, 2018. The raids lasted four days. 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’.
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The Member of Parliament (MP) from Khammam, Reddy, however, denied any wrongdoing.
“The I-T Department verification process in the case is still ongoing. Rs 60 crores is not the correct figure. The firm Raghava Constructions, is a maximum tax paying company and last year it paid 14.5 per cent tax on its income and before this, it paid 12 per cent income tax. The I-T formalities are not completed and I cannot say much as of now, as I am on a campaign trail in the state,” Reddy said.
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Polls to the 119-member Telangana assembly, will be held on December 7, 2018.
The officials said the Department, during proceedings in the case, recorded the statement of Prasad Reddy, managing partner of the real estate firm and that he admitted undisclosed income to the tune of Rs 60.35 crores. “The undisclosed income detected in this case, is for various assessment years and the firm has assured that it will soon pay the due tax,” a senior official said. The firm, the officials said, had also executed civil contract works for state government’s schemes like ‘Mission Kakatiya’ and ‘Mission Bhagiratha’ that aims to improve irrigation facilities and drinking water supply in Telangana.
Source: https://ecis2016.org/.
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Category: Lifestyle
