MP Ponguleti's firm agrees to pay evaded Rs 60 crore income tax
The Income Tax officials stated Rs 60 crore black money was found in the raids conducted on Raghava Constructions, owned by Khammam MP Ponguleti Srinivas Reddy. In a statement, the I-T Department said representatives of the Raghava Constructions have admitted that Rs 60 crore was black money. The I-T officials identified that the MP’s firm had evaded payment of income tax by generating duplicate sales bills and diverting sub-contract payments to fictitious bank accounts. Representatives of Raghava Constructions have agreed to pay evaded income tax, the I-T officials stated.