New IT team to dig deep into Jagan companies

HYDERABAD: Even as the CBI probe into the alleged illegal assets case involving Kadapa MP YS Jagan Mohan Reddy is moving at a snail’s pace, the income tax officials have formed a special team to thoroughly investigate the assessments of Jagan’s companies.Top sources disclosed to Express that the income tax bosses have formed a special team headed by income tax deputy commi s s ioner Naveen.The team is already engaged in digging out all the past tax assessments and the taxes paid by Jagan’s companies over the last several years.The special team will dig deeper into the case taking off from the probe done by the IT’s investigation wing and the regular circle office last year which, sources said, was reportedly ‘not up to the mark.’ All the three officers who handled the case last year were transferred.The assessments pertain to the financial year 2009- 2010 and all other assessments which have now been reopened for the purpose of investigation.Sources said a huge tax demand was raised last year treating the high share premium received from various investors by Jagathi Publications as income of the company.An appeal by Jagan against the demand is pending before the IT Commissioner, Appeals