The Income Tax Department has slapped show cause and demand notices to the tune of Rs 122 crore on YS Jaganmohan Reddy, a former Congress MP that owns Jagathi Publications (JPPL), for mismatching amounts reported in company records.
The notice assumes significance as Jagan announced a new party -- the YSR Congress Party -- just two days ago.
Jagathi Publications is into various media activities like publishing a Telugu Daily Sakshi and running a 24-hour news channel TV, also Sakshi.
Jagan Reddy reportedly paid Rs 84 crore as advance tax in September last year, anticipating an income of Rs 500 crore.
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