Telangana MP Srinivasa Reddy's Firm 'Admits' Rs 60 Crore Black Money After Income Tax Raids

Agencies
November 9, 2018

New Delhi, Nov 9: A real estate firm linked to an MP of the ruling TRS in Telangana has admitted over Rs 60 crore as undisclosed income to the I-T department after multiple raids were conducted against it in September, officials said.

The firm, Ms Raghava Constructions, is promoted by Telangana Rashtra Samithi (TRS) parliamentarian P Srinivasa Reddy and his 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.

The Income Tax (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. 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."

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 crore 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 in the campaign trail in the state," Reddy said.

Polls to the 119-member Telangana Assembly will be held on December 7.

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 crore.

"The undisclosed income detected in this case is for various assessment years and the firm has assured 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 better irrigation facilities and drinking water supply in Telangana.

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News Network
April 13,2024

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New Delhi: Seventeen Indians are on board an Israeli-linked container ship that has been seized by the Iranian military amid heightened tensions between Iran and Israel.

Official sources said India is in touch with Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure the welfare and early release of the Indian nationals.

The Iranian action came amid increasing fears that Tehran may launch an attack on Israeli soil in retaliation to a strike on the Iranian consulate in Syria 12 days ago.

"We are aware that a cargo ship 'MSC Aries' has been taken control by Iran. We have learnt that there are 17 Indian nationals onboard," said a source.

"We are in touch with the Iranian authorities through diplomatic channels, both in Tehran and in Delhi, to ensure security, welfare and early release of Indian nationals," it said.

Reports said Iran's Islamic Revolutionary Guards seized MSC Aries on Saturday morning when it was sailing through the Strait of Hormuz.

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News Network
April 11,2024

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BJP MLA Arabail Shivaram Hebbar’s son Vivek Hebbar on Thursday, 11 April, joined the Congress party along with his supporters at Banavasi in Uttara Kannada district.

After quitting the BJP, Vivek Hebbar joined the party in the presence of state Congress vice president and former MLC Ivan D’Souza and other local party leaders.

Speculations have been rife about his father Shivaram Hebbar, an MLA from the Yellapur Assembly segment, also planning to join the Congress, ever since he did not turn up for voting during the polls to four seats of the Rajya Sabha from Karnataka held on 27 February.

The senior Hebbar’s absence from voting, despite a party whip, had caused embarrassment to the BJP. He had, however, later attributed his absence to poor health.

The BJP had also issued notice to him, which he responded to.

Shivaram Hebbar had recently met Deputy Chief Minister and state Congress chief DK Shivakumar but claimed that the meeting was about water issues in his Assembly segment.

The senior BJP leader was earlier with the Congress. He was among 17 Congress-JD(S) legislators, who had quit from their parties, which ultimately led to the collapse of the then HD Kumaraswamy-led coalition government in July 2019.

Shivaram Hebbar had subsequently won the by-poll on a BJP ticket and served as a minister in the then government of the saffron party.

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News Network
April 9,2024

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More decomposed bodies have been found inside al-Shifa Hospital in Gaza, amid operations to recover bodies of the victims of one of the largest massacres committed by Israel against the Palestinians, Euro-Med Human Rights Monitor says.

The founder and chairman of the group Ramy Abdu said in a series of social media posts that “operations to discover bodies executed by the Israeli army at al-Shifa Hospital continue.”

He published a “shocking” video that showed rescue teams, civil defense, and forensic evidence finding more decomposed bodies.

“It seems we are witnessing one of the largest massacres committed by Israel against the Palestinian people in history.”

Abdu said the video confirmed the Geneva-based rights group’s report on field execution operations carried out by the Israeli forces during their recent attack on al-Shifa.

“Horror: Doctors, nurses, displaced persons, administrators at the hospital, children, women. This is what is revealed after the Israeli army's withdrawal from al-Shifa Hospital. Dozens of people were executed in the field,” he said.

According to his remarks, the Israeli army placed the bodies inside pits it had dug.

On March 18, Israeli forces started a new wave of attacks on Gaza’s main hospital, al-Shifa, and imposed a two-week siege on it. 

On April 1, the Gaza Health Ministry said Israeli forces withdrew tanks and vehicles from al-Shifa, adding that dozens of bodies, some of them decomposed, had been found at the complex after the Israeli pullout, which also left behind a vast swath of destruction.

Israel first raided the hospital in Gaza City last November.

Al-Shifa, Gaza’s largest hospital, has sheltered thousands of Palestinians who fled Israel’s invasion in the northern parts of the territory.

The Israeli military claimed that the Palestinian resistance movement Hamas is using the facility to “conduct and promote terrorist activity.” Hamas has repeatedly denied operating from Shifa and other health facilities.

The chief of the World Health Organization (WHO) has said al-Shifa is no longer functional because of months of Israeli siege and attacks on the facility.

Israel launched the war on Gaza on October 7 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Storm against the occupying entity in response to the Israeli regime’s intensified violence against Palestinians.

Since the start of the offensive, the Tel Aviv regime has killed 33,207 Palestinians and injured nearly 75,933 others.

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