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

The order of Commissioner of Income Tax ( Appeals) is awaited.
ASSESSMENT YEAR 1998-99
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 (Asstt) Circle 11(1), Bangalore, u/s143 (3)
of the Income-tax Act, 1961, on the ground 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 against the wrongful
estimation of Annual Value of property let out to UTI Bank at Rs.17,95,200/- by the
Assessing Officer as against Rs.10,23,000/- being the rent actually receive . The company
has also appealed against the reference to the Divisional Valuation Officer by the
Assessing Officer u/s 133(6) for determination of Annual Value of the aforesaid
properties.
The order of Commissioner of Income Tax ( Appeals) is awaited.
ASSESSMENT YEAR –1992-93
K. Raheja Development Corporation
The firm has filed an appeal to the Income Tax Appellate Tribunal against the order of
Commissioner of Income Tax ( Appeals) – III, Bangalore sustaining the following
disallowances made by the Assessing Officer in his order u/s 143(3) of the Act, (i)in
respect of interest of Rs.18,000/-attributable to interest free advance given to Mr.
Rajendra Halve out of commercial expediency, (ii)in respect of Rs.8,20,400/- paid by way
of compensation to the earlier allottees of the units in the building upon their cancellation
and (iii)in respect of telephone and vehicle expenses of Rs.20,000/- on the grounds of
personal use.
The order of the Income Tax Appellate Tribunal is awaited.
ASSESSMENT YEAR –1996-97
K. Raheja Development Corporation
The firm has filed an appeal to the Income Tax Appellate Tribunal against the order of
Commissioner of Income Tax ( Appeals) – I, Bangalore sustaining the disallowance of
Rs.98,50,000/- made by the Assessing Officer in his order u/s 143(3) of the Act, in respect
of expenditure yet to be incurred for pending work in a contract in respect of which the
income has been recognized on computed contract method and against charging of
interest of Rs 20,74,590/- u/s 234B of the Act.
The order of the Income Tax Appellate Tribunal is awaited.
ASESSMENT YEAR –2001-02
K. Raheja Development Corporation
The firm has filed an appeal to the Commissioner of Income-tax ( Appeals) , against the
order u/s143 (3) of the Income-tax Act, 1961 passed by the Assessing Officer – ACIT
Central Circle 1(4), Bangalore, in respect of disallowance of bad debts amounting to Rs
19,24,09,280/- written off during the year and for charging of interest Rs 1,92,19,056/- u/s
234B and interest of Rs 7,27,748/- u/s 234D of the Act.
The order of the Commissioner of Income-tax ( Appeals) is awaited.
ASSESSMENT YEAR 1994-95
R & M Trust
The said trust has filed an appeal to the Income Tax Appellate Tribunal against the order
of Commissioner of Income-tax (Appeals) – III, Bangalore sustaining the disallowance
made by the Assessing Officer in his order u/s 143(3) of the Act in respect of
administrative expenses which were erroneously capitalized to Work In Progress by the
company, for ignoring the claim in the revised return for allowance of expenditure on the
ground that such return is invalid as beyond the period mentioned in section 139 (5) of the
Act and for charging interest u/s 234B of Rs 64952/- and u/s 234C of Rs 18789/- .
The matter is pending.
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