Shopper's Stop Limited - Securities and Exchange Board of India

Further our Promoters are unable to state with certainty about any liability or contingent
liability in respect of the said entities.
By the Southern Undivided Entities
A) Pending Arbitration Proceedings
There are none
B) Litigation Pending – FEMA
There are none
C) Litigation Pending – Income Tax
ASSESSMENT YEAR -1990-91
Asiatic Properties Limited
The company’s Return of Income for Assessment Year 1990-91 was assessed by the A.O
Additional Commissioner of Income Tax , Mumbai under section 143(3) of the Income
Tax Act, 1961.
The A.O made and addition of Rs.2,04,445/- on the ground that interest income earned
on surplus funds to be taxed separately under income from other sour ces. The company
filed an appeal (bearing No CIT(A)X-V/CIR.6/350/1993-94 against the said addition made
by the A.O and CIT(A) rejected the company's appeal.
The company has further appealed against the order of the CIT(A) with ITAT.
ASSESSMENT YEAR 1996-97
K. Raheja Hotels & Estates Private Limited
The company has filed an appeal to the Commissioner of Income-tax ( Appeals) – I
against the order of Assessing Officer – DCIT , Circle 11(1), Bangalore, passed u/s 143
(3) read with section 148 of the Income-tax Act, 1961, on the ground that the order of
reassessment passed is bad in law and void abinitio for want of requisite jurisdiction in
view of the fact that the mandatory requirements to assume jurisdiction u/s 148 did not
exist and are not complied with. The company has further appealed that the annual value
of property let out to Ivory Properties & Hotels Pvt. Ltd., should be Rs.10,00,000/- as
disclosed in the return which represents the actual rent received under the facts and
circumstances of the case instead of Rs.94,44,000/- as estimated by the Assessing
Officer and that the annual value of property let out to UTI Bank should be Rs. 4,26,250/-
as disclosed in the return as against the wrongful estimation of the same by the Assessing
Officer at Rs. 17,95,200/- . The company has also appealed against referring the matter of
determination of Annual Value of the aforesaid properties to the Divisional Valuation
Office u/s.133(6) by the Assessing Officer and against charging of interest of Rs 188937/-
u/s 234-C of the Act.
The order of the Commissioner of Income Tax ( Appeals) is awaited.
ASSESSMENT YEAR 1997-98
K. Raheja Hotels & Estates Private Limited
The company has filed an appeal to the Commissioner of Income-tax ( Appeals) – I ,
Bangalore against the order of Assessing Officer – DCIT (Asstt) Circle 11(1), Bangalore,
passed u/s 143 (3) read with section 148 of the Income-tax Act, 1961 , on the ground that
the order of reassessment passed is bad in law and void abinitio for want of requisite
jurisdiction in view of the fact that the mandatory requirements to assume jurisdiction u/s
148 did not exist and are not complied with. The company has further appealed that the
Annual Value of property let out to Ivory Properties & Hotels Pvt. Ltd., should be
Rs.18,00,000/- as disclosed in the return which represents the actual rent received under
the facts and circumstances of the case instead of Rs.94,44,000/- as estimated by the
Assessing Officer and that the Annual Value of property let out to UTI Bank should be
Rs. 10,23,000/- as disclosed in the return as against the wrongful estimation of the same
by the Assessing Officer at Rs. 17,95,200/- . The company has also appealed against
referring of the matter of determination of Annual Value of the aforesaid properties to the
Divisional Valuation Office u/s.133(6) by the Assessing Officer and for charging of interest
of Rs 2846060/- u/s 234B and of Rs 8922/- u/s 234C of the Act.
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