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

Assessment Year 2000-01(local)
K.R Trends sales tax return for the assessment year 2000-01 was assessed by the
assistant commissioner of commercial tax (ACCT) under section 12 of the Karnataka
sales tax act 1957. The ACCT revised the taxable turnover and worked out the tax
payable to be Rs.1,62,350/-. An appeal was filed on January 14, 2004 stating that the
annual return was not accepted as refund claims amounting to Rs.2,600,000/- differed
from the monthly returns and the annual returns. Also this amount of Rs.162,350/- has
been paid under protest.
CHENNAI
Assessment Year 2001-02(Local)
M/s K R Trends-Chennai was assessed for Local Sale Tax Assessment (TNGST) for the
year 2001-02. The Assessing Authority calculated Sales Tax liability on gross Sales
instead of net sales & disallowed Sales Return leading to Sales Tax demand of
Rs.6,606,934/-, including penalty of Rs.2,877,902/-. The company further filed an appeal
on January 12,2004 against the demand and deposited Rs. 9,32,258/- against the stay.
The case was heard before the Appellate Assistant Commissioner of Commercial Taxes,
Chennai, and he passed the order dt. July 21, 2004, whereby the appeal has been
allowed partly and partly remanded back with clear directions in company’s favor, to the
Jurisdictional Assessing Authority for Assessment.
Assessment Year 2001-02(Central)
M/s K R Trends-Chennai was assessed for Central Sales Tax Assessment for the year
2001-02. The Assessing Authority calculated Sales Tax liability by disallowing Stock
Transfer made out of Chennai leading to Sales Tax Demand of Rs. 4,417,890/- including
penalty of Rs.2,650,734/-. The company further filed an appeal on January 12,2004
against the demand and deposited Rs.441,790/- against the stay. The case was heard
before the Appellate Assistant Commissioner of Commercial Taxes, Chennai and he
passed the order dt. July 21, 2004, whereby the case has been remanded back with clear
directions in company's favor, to the Jurisdictional Assessing Authority for Assessment.
Assessment Year 2002-03(Local)
M/s K R Trends-Chennai was assessed for Local Sale Tax Assessment (TNGST) for the
year 2002-03. The Assessing Authority calculated Sales Tax liability on gross Sales
instead of net sales & disallowed Sales Return leading to Sales Tax demand of
Rs.3,523,860/-including penalty of Rs.1,761,930/-. The company further filed an appeal on
31 st May 2004 against the demand and deposited Rs.470,000/- against the stay. Currently
the matter is in appeal with Appellate Assistant Commissioner of Commercial Taxes,
Chennai.
Assessment Year 2002-03. (Central)
M/s K R Trends-Chennai was assessed for Central Sales Tax Assessment for the year
2002-03. The Assessing Authority calculated Sales Tax liability by disallowing Stock
Transfer made out of Chennai leading to Sales Tax Demand of Rs. 4,243,372/- including
penalty of Rs.2,546,023/-. The company further filed an appeal on 30 th June 2004 against
the demand and deposited Rs.551,639/- against the stay. Currently the matter is in appeal
with Appellate Assistant Commissioner of Commercial Taxes, Chennai
E) Litigation Pending - Customs and Excise Gold Control Appellate (‘CEGAT’)
There are none
F) Litigation Pending - Money Recovery and Other Civil Suits
There are none
G) Economic / criminal / civil offences by Promoters, companies and firms promoted
by the Promoters and past cases in which penalties were imposed by the
concerned authorities
There are none
H) Litigation Pending – Labour, Employees and Trade Unions
There are none
I) Bank / Financial Institution Defaults
There are none
304