Hyderabad:
The Income Tax department has sent show-cause and demand notices for Rs. 122 crore to Jagathi Publications (JPPL), owned by former Congress MP Y S Jaganmohan Reddy.
The department has alleged that company records show mismatched amounts, sources said. "The matter is with the assessment wing and they are assessing the case," the sources said.
Jagan Reddy, who is the son of late Andhra Pradesh Chief Minister Y S R Reddy, had resigned from the Congress last year and has now announced the formation of a new party - the YSR Congress Party.
Jagathi Publications publishes the Telugu Daily Sakshi and runs a TV news channel also called Sakshi.
Jagan Reddy reportedly paid Rs. 84 crore as advance tax in September last year anticipating an income of Rs. 500 crore.