India Tourism Development Corporation Ltd Directors Report.

To,

The Members of India Tourism Development Corporation Limited

Revised Report on the Audit of the Standalone Financial Statements

Our report dated 30th July, 2020 on the Standalone financial statements for the year ended 31st March, 2020 has been revised to give effect to the observations made by the Comptroller & Auditor General of India in the supplementary audit carried out by them under Section 143(6)(a) of the Companies Act, 2013.

Opinion

We have audited the Standalone financial statements of India Tourism Development Corporation Limited ("the Company") which comprise the Balance Sheet as at March 31, 2020, the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash Flows for the year then ended and notes to the financial statements, including a summary significant accounting policies and other explanatory information (hereinafter referred to as "the Standalone Financial Statements"). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs (financial position) of the Company as at March 31, 2020, and its profit (financial performance including other comprehensive income), changes in equity and its . cashflowsforthe year ended onthat date

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate basis for our opinion.

Emphasis of Matter

We draw attention to the following notes on the Standalone Financial Statements being matters pertaining to India Tourism Development Corporation Limited requiring emphasis by us: i) The Company does not collate, maintain and present the details of dues to its vendors who are registered under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. Hence, correctness of provision for interest, if any, on outstanding dues to MSME could not be verified and we are unable to determine whether there was delay in making payment to such entities in accordance with section 22 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. (Refer point no. 27 to note no. 39 of the Standalone Financial Statements) ii) Unlinked Receipts of Rs 80.57 lakh on account of receipts from debtors against billing by the Company which could not be matched with the amount standing to the debit of the receivables is appearing as liabilities "Advance from

Customers" in the financial statements of the Company. To that extent, the trade receivables and current liabilities are overstated. (Also refer foot note to note no. 26 of the Standalone Financial Statements). iii) The Company does not follow a system of obtaining confirmations and performing reconciliation of balances in respect of amount receivable from trade receivables, deposits with Government departments and others, amount recoverable from suppliers, employees and other parties and amount payable to trade payables, Government Department and other parties. Accordingly, amount receivable from and payables to various parties are subject to confirmation and reconciliation. Pending such confirmation and impact thereof on the Standalone Financial Statements are not ascertainable and quantifiable. (Also refer point no. 1 to note no. 39 of the Standalone Financial Statements). iv) TDS Receivable in respect of years prior to F.Y. 2018-19 amounting to Rs 3,925.52 lakh is appearing in the books as on March 31, 2020, for which no reconciliation is available. Further year wise details of assessments completed and adjustment of provision for tax in respect of completed assessments has not been maintained. (Refer point no. 2 to the footnote of note no. 13 of the Standalone Financial Statements). v) On account of non-finalization of issue of compensation payable to the company for loss of business opportunity arising due to decision of the Government of India for closure of operation of Hotel Janpath, New Delhi w.e.f. 30.10.2017 and handing over the property to the Ministry of Urban Development, the sum of Rs 585.74 lakh paid to employees for VRS is being shown as recoverable from the government as on 31.03.2020. (Refer point no. 1 to the footnote of note no. 13 of the Standalone Financial Statements). vi) The impact of loss/shortage/wastage due to non-reconciliation of the result of physical verification carried out for fixed assets with the books of accounts on the financial statements of the Company remains indeterminate.

vii) The consumption of stock of stores, crockery, cutlery, etc. has been worked out by the Company by adding to the opening balances purchases made during the year and deducting therefrom the closing balance at the year-end based on physical verification of the inventories valued as per the accounting policy of the Company. Accordingly, separate impact of the loss/shortage/wastage included in the consumption thereof in the financial thestatements of the Company remains indeterminate. (Refer point no. 3 to note no. 39 of the Standalone Financial Statements). viii) A fire accident occurred at Unit of ITDC, DFS Chennai on April 27, 2020. Company filed an Insurance claim for the loss of stock and property, plant & equipment at the site, cause was stated as electrical short circuit. The same is under investigation. Proclaim surveyors and loss adjusters were appointed as surveyors by the Insurer (National Insurance Company Limited), the amount claimed by the Company amounts to Rs 58.41 lakh. (Refer point no. 12 to note no. 39 of the Standalone Financial Statements). ix) Due to Covid-19, we were not able to physically observe the physical verification of inventory that out carried out by the management at the year end. We however performed alternate procedures to obtain audit evidence as prescribed in the SA 501 "Audit Evidence-Specific Consideration for Selected Items". x) At Ashok International Trade Division (AITD-A unit of ITDC), the sum of Rs 160.97 lakh paid in the year 2006-07 as security deposit in the form of fixed deposit (FD) receipt in favour of Delhi International Airport Private Limited (DIAL) is being shown as recoverable. Its FD was encashed during 2007-08 by DIAL on account of service tax charged by DIAL in billing of service provided to the Company. This is being disputed by the Company on the ground that their service was not liable for service tax and they are hopeful of its recovery. (Please refer point no. 1 to note no. 38 of the Standalone Financial Statements). xi) In Ashok Consultancy and Engineering Services (ACES-A unit of ITDC), out of total 69 projects, 51 projects were completed/ closed but not closed in the books of accounts as final bills were reportedly not received/ settled. (Refer point no. 20 of note no. 39 of the Standalone Financial Statements). xii) In respect of Ashok Tours & Travels (ATT-Chennai-A unit of ITDC), out of total amount of Rs 200 lakh appearing in their books as "Advance Others" being amount deposited with "The Registrar General, High Court, Chennai 104", an amount of Rs 100 lakh has been withdrawn by the landlady as per the court order dated 25.09.2019, the same has been booked as expense during the current financial year. (Refer point no. 3 to note no. 38 of the Standalone Financial Statements). xiii) There has been an incidence of theft at Hotel Jammu Ashok (A unit of ITDC) on May 09, 2020 the same is evidenced by the FIR dated May 11, 2020, wherein theft of inventory has been reported however the amount had been later recovered. (Refer point no. 13 to note no. 39 of the Standalone Financial Statements). xiv) The management of the Company has availed the benefit of Sabka Vishwas

(Legacy Dispute Resolution) Scheme, 2019 (SVLDRS) in respect of pending service tax disputes in relation to its units, wherein the dispute was settled for Rs 28.84 lakh. (Refer point no.11 to note no. 39 of the Standalone Financial Statements).

Our opinion is not modified in respect of these matters.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report:

Sl. Key Audit Matter How our audit addressed the
No. Key Audit Matter
1. Deferred Tax Asset: Deferred Tax Asset:
The Company has recognised deferred tax asset. The recoverability of this deferred tax asset is dependent upon the generation of sufficient future taxable profit to utilise such entitlement within the stipulated period prescribed under the Income Tax Act, 1961. We have assessed the managements judgement relating to the forecasts of future revenue, taxable profits and evaluated the reasonableness of the considerations/ assumptions underlying the preparation of these forecasts.
We identified this as a key audit matter because significant judgement isrequired in forecasting future taxable profits for recognition of deferred tax asset. Based on the above procedures performed, the recognition and measurement of deferred tax asset relating to MAT credit entitlement are considered adequate and reasonable.
2. Contingent Liabilities : Deferred Tax Asset:
There are various litigations pending before various forums against the Company and managements judgement is required for estimating the amount to be disclosed as contingent liability. We have obtained an understanding of the Companys internal instructions and procedures in respect of estimation and disclosure of contingent liabilities and adopted the following audit procedures:
We identified this as a key audit matter because the estimates on which these amounts are based involve a significant degree of management judgement in interpreting the cases and it may be subject to management bias. - understood and tested the design and operating effectiveness of controls as established by the management for obtaining all relevant information for pending litigation cases;
Refer note no. 38 of the Standalone Financial Statements. - discussing with management any material developments and latest status of legal matters;
- read various correspondences and related documents pertaining to litigation cases produced by the management and relevant external legal opinions obtained by the management and performed substantive procedures on calculations supporting the disclosure of contingent liabilities;
- examining managements judgements and assessments whether provisions are required;
- considering the management assessments of those matters that are not disclosed as the probability of material outflow is considered to be remote;
- reviewing the adequacy and completeness of disclosures;
Based on the above procedures performed, the estimation and disclosures of contingent liabilities are considered to be adequate and reasonable.
3. Discontinued Operations and Assets Discontinued Operations and Assets Held
Held for Sale: for Sale:
Assets of the Company continue to be held for sale and discontinued operations as at the balance sheet date. We analyzed the managements estimate of realizable value.
Refer to note no. 36 and point no. 16 to note no. 39 of Standalone Financial Statements. Based on our procedures, we noted no exceptions and consider managements approach and assumptions to be reasonable.
4. Uncertain Taxation Matters Uncertain Taxation Matters
The Company has material uncertain tax matters under dispute which involves significant judgement to determine the possible outcome of these disputes. We assessed the managements underlying assumptions in estimating the tax provision and the possible outcome of the disputes.
Refer note no. 38 of the Standalone Financial Statements. We also considered legal precedence and other rulings, including in the Companys own case, in evaluating managements position on these uncertain tax positions.
5. Investments in Subsidiaries Uncertain Taxation Matters
The Company holds investments in Subsidiaries of Rs 927.98 lakh (equity and preference) out of which investments of Rs 846.38 lakh (equity and preference) pertains to Subsidiaries which has significant subsidiaries are currently under disinvestment. We assessed the managements assumptions and the past trends wherein the amount received on disinvestment by the Company were much more than the amount originally invested in the said accumulated subsidiary Companies. losses. These
Refer footnote to note no. 3 of the Standalone Financial Statements. As a result of aforesaid, we agree with the management that the carrying values of these investments held by the Company are supportable in the context of Companys Financial Statements.

Other Matter

We did not audit the Financial Statements of 29 branches included in the Standalone Financial

Statements of the Company whose Financial Statements reflected total assets of Rs 16,004.33 lakh as at March 31, 2020 and total revenue of Rs 18,388.68 lakh for the year ended on that date, as considered in the Standalone Financial Statements of these branches have been audited by the respective branch auditors whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosure included in respect of these branches, is based solely on the report of such branch auditors.

Information Other than the Standalone Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the

Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility Report, Corporate Governance and Shareholders Information, but does not include the

Standalone Financial Statements and our auditors report thereon. Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact. We have nothing to report in this regard.

Managements Responsibility for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position,financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with accounting principles generally accepted in India, including the

Indian Accounting Standards (Ind AS) prescribed under

Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively completeness of the accounting records, relevant to the preparation and presentation of the Standalone

Financial Statements, that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, management is responsible for assessing the

Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the Companys financial reporting process.

Auditors Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone Financial

Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate Internal Financial Controls with respect to

Standalone Financial Statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Standalone Financial

Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation. Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decision of a reasonably knowledgeable user of the Standalone Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Standalone Financial Statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant including any significant control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the

Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors

Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure ‘1 a statement on the matters specified in paragraphs 3 and 4 of the said

Order.

2. We are enclosing our report in terms of Section 143(5) of the Act, on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, in the Annexure ‘2 on directions and sub-directions issued by the Comptroller and Auditor General of India.

3. As required by Section 143(3) of the Act, we report that: (a) We have sought and obtained all the audit findings, information and explanations which to deficiencies in internal the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books. c) The Balance Sheet, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Change in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian Accounting Standards specified under Section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015 as amended. e) Being a Government Company pursuant to June 5, 2015 issued by the Ministry of Corporate Affairs, Government of India, provisions of sub-section (2) of Section 164 of the Act, are not applicable to the Company. f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating controls, refer to our separate Report in Annexure ‘3. g) As per Notification No. GSR 463(E) dated June 05, 2015 issued by the Ministry of Corporate Affairs, Government of India, Section 197 of the Act is not applicable to the Government Companies.

Accordingly, reporting in accordance with requirement of provisions of section 197(16) of the Act is not applicable on the Company. h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: i) i.the Company has disclosed the impact of pending litigations on its financial position in its

Standalone Financial Statements. Refer Note No. 38 to the

Standalone Financial Statements; ii. the company did not have any long-term contract including derivative contracts for which there were any material foreseeable losses; and iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

For Agiwal & Associates
No. GSR 463(E) dated Chartered Accountants
(FRN. No. 000181N)
UDIN: 20080475AAAADM7455 (CA P. C. Agiwal)
Place: New Delhi Partner
Date: November 6, 2020 Membership No. 080475

"Annexure 1" to the

Independent Auditors Report

Referred to in paragraph 1 under ‘Report on Other

Legal and Regulatory Requirements section of our report of even date to the members of India Tourism Development Corporation Limited on the Standalone Financial Statements for the year ended on March 31, 2020

1. In respect of its fixed assets:

a) Company has generally maintained proper records showing full particulars, including quantitative details and situation of fixed assets except in few units/branches where records were incomplete in respect of quantitative details, situation, etc.

S. No. Name of the Unit/Branch
1. Hotel Ashok
2. ATT Kolkata
3. DFS Kolkata
4. DFS Paradip
5. ATT Patna
6. DFS Haldia
7. Hotel Kalinga Ashok
8. Ashok International
Trade Division
9. Ashok Consultancy and
Engineering Services
10. Ashok Event
11. Ashok Institute of Hospitality & Tourism Management
12. Western Court

b) The Company has a regular programme of physical verification of all the fixed assets, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification except in the below mentioned units:

S. No. Name of the Unit/Branch
1. ATT Chennai
2. DFS Chennai
3. DFS Cochin
4. DFS Ennore
5. DFS Kakinada
6. DFS Krishnapatnam Port Trust
7. DFS Tuticorin
8. DFS Vishakapatnam Port Trust
9. ATT Kolkata
10. DFS Paradip
11. DFS Kolkata
12. DFS Haldia
13. Ashok Event
14. Ashok Institute of Hospitality & Tourism Management
15. Western Court

(c) The title deeds of immovable properties in following cases are not held in the name of the company:

(Rs in lakh)
S. Name of Particulars Gross Block Net Block
No. the Unit March 31, 2020 March 31, 2020
1 Hotel Ashok, New Delhi Lease deed in respect of land of Ashok Hotels Ltd., is registered in the name of Ashok Hotel Limited, erstwhile, which was merged with the Company on March 28, 1970 and not being transferred in the name of Company. The total area of leasehold land is 21.155 acres. 10.58 10.58
2 Hotel Jammu Ashok Lease deed expired on January 11, 2010. Unit has been discontinued w.e.f. June 17, 2020
3 ATT, Delhi Leasehold land at C-119, Naraina Industrial Area, Phase-I, Naraina, New Delhi measuring 8,566 sq. yards is leased by DDA for 99 years. 1.63 1.59
The original title deed was seized by the CBI in a complaint case no. RC-10(A)/2013-CBI-ACB-DLI
4 Hotel Samrat, New Delhi Title deed of leasehold of the Unit is not executed. Area involved is 4.01 acres. 161.75 151.89
5 Taj Restaurant, Agra Title deed in favour of the Corporation has not been affected. 0.93 0.93
6 Scope Complex 7 AIH&TM (Qutub Inst. Area) and Tennis Court Title deed in favour of the Corporation has not been affected. Title deed in favour of the Corporation has not been affected. 26.35 24.67

ii) As per the information and explanation provided to us, the inventories have been physically verified by the management at reasonable intervals, however in case of following branches, the respective auditors of the branches have reported that physical verification report was not made available to them for verification:

S. No. Name of the Unit/Branch
1. DFS Haldia
2. DFS Kolkata
3. DFS Paradip

iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured loan to companies, firms, limited liability partnerships or other parties covered in the register maintained under Section 189 of the Act. Therefore, the provisions of clause 3(iii)(a), 3(iii)

(b) and 3(iii)(c) of the Order are not applicable.

iv) The Company has complied with the provisions of section 185 and 186 of the Act, as applicable, in respect of loans advanced to subsidiary companies. The Company has not given any guarantee or provided any security to any party covered under Section 185 and 186 of the Act.

v) The Company has not accepted any deposits from the public during the year. Hence, the directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed there-under are not applicable to the Company.

vi) Maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of Section 148 of the

Act. Accordingly, the provisions of clause

3(vi) of the Order are not applicable to the Company.

vii) a) The Company is generally regular in depositing undisputed statutory dues including provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, goods and services tax, cess and any other statutory dues to the appropriate authorities and there are no undisputed statutory dues outstanding as on March 31, 2020 for a period of more than six months from the date they became payable, except for the cases as given below;

(in lakh)
Sl Name of the No. Unit Nature of Dues Gross Amount Amount Relates (F.Y.) Period to which the
1. DFS Goa GST Liability 1.087 2019-2020
2. DFS Mumbai GST Liability 0.316 2019-2020
3. AIH&TM Labour Cess 0.0084 2019-2020
4. DFS Manglore GST Liability 2.31 2019-2020

b) According to the information and explanations given to us, the following dues of income tax, sales tax, goods and services tax, custom duty, service tax, employees state insurance, excise duty and value added tax have not been deposited by the Company on account of disputes:

(in lakh)

Sl. Name No. of the Unit Nature of the Dues Forum where dispute is pending Gross Amount Amount deposited under protest/ adjusted by the tax authorities Net Amount Period to which amount relates (F.Y.)
Income Tax ITAT 388.15 388.15 - 2013-14
Income Tax CIT (A) 107.65 21.53 86.12 2014-15
Income Tax Joint Commissioner 250.37 - 250.37 1997-98
Income Tax Joint Commissioner 239.27 - 239.27 2002-03
1. ITDC Income Tax Joint Commissioner 119.08 - 119.08 2004-05
Headquarter Income Tax Joint Commissioner 20.80 - 20.80 2006-07
Income Tax CIT (A) 8.35 - 8.35 2017-18
Income Tax CIT (A) 70.73 70.73 - 2016-17
Commisioner 136.42 - 136.42 2014-15
(Luxury Tax)
Commisioner 62.45 - 62.45 2015-16
(Luxury Tax)
Service Tax Commissioner of Central GST Audit II 2,919.28 - 2,919.28 2014-15 to 2017-18
2. Hotel Ashok Employees State Insurance Delhi District 423.83 - 423.83 Not Known
Service Tax CESTAT, Delhi 10.60 - 10.60 2003-04 to
2007-08
TDS Demand Under Follow Up 20.10 - 20.10 2007-08 to
2018-19
3. DFS Goa GST Nil 2.017 - 2.017 2018-19
4. DFS Mumbai GST Nil 0.296 - 0.296 2018-19
5. DFS Mangalore GST Nil 4.48 - 4.48 2018-19
6. ATT Kolkata Service Tax Nil 0.023 - 0.023 2017-18
Management is seeking approval for filing CESTAT 4.60 - 4.60 2004-05
Appeal
6. AITD Custom Duty Pending before 0.18 - 0.18 2004-05
Customs Assistant
Commissioner
Pending before 146 - 146 2004-05
Customs Assistant Commissioner
Pending for Order in High Court 29.06 - 29.06 2004-05
Pending before 42.17 - 42.17 2003
CESTAT
TDS Demand raised by department repaly sent by speed post yet to be decided by Department 8.15 - 8.15 2007-12
8. Hotel Kalinga ESI High Court 2.18 - 2.18 2014
District Court 1.45 - 1.45 1944-95
Sales Tax Sales Tax (Appeal) 0.28 - 0.28 No data
Available
Excise Duty High Court 13.33 - 13.33 2002-03
9. Taj Restaurant Sales Tax Vat Deptt 0.50 - 0.50 2002
Deptt Vat Deptt 0.71 - 0.71 2003
10. ACES TDS Under Follow Up 8.2 - 8.2 2007-08 to 2017-18
11. Hotel Samrat TDS Under Follow Up 2.28 - 2.28 2007-08 to 2018-19
Service Tax Commissioner of Service Tax Appeals 17.02 - 17.02 2017-18
ESI Case is in appeal in Delhi High Court 71.68 - 71.68 1998-03
12. Ashok Event Service Tax Commissioner of Service Tax Appeals 39.65 - 39.65 2006-09
Service Tax Payable Under Follow Up 60.37 - 60.37 Not Known
TDS Under Follow Up 7.59 - 7.59 2007-08 to 2018-19
13. AIH&TM TDS NIL 1.53 - 1.53 2007-08 to 2017-18

8. In our opinion and according to the information given to us the Company has not taken any loans or has not borrowed any amount from financial institutions, banks or from debenture holders. Accordingly, Clause 3(viii) of the Order is not applicable on the Company.

9. The Company has not raised any money by way of initial public offer or further public offer (including debt instruments). Accordingly, Clause 3(ix) of the Order is not applicable on the Company.

10. According to the information and explanations given to us and as represented by the Management and based on our examination of the books and records of the Company and in accordance with generally accepted auditing practices in India, no case of frauds by the Company or any fraud on the Company by its officers or employees has been noticed or reported during the year.

11. As per Notification No. GSR 463(E) dated June 5, 2015 issued by the Ministry of Corporate Affairs, Section 197 of the Act, is not applicable to the Government Companies. Accordingly, provisions of Clause 3(xi) of the Order are not applicable to the Company.

12. The provisions of Clause 3 (xii) of the Order, for Nidhi Company, are not applicable to the Company.

13. The Company has complied with the provisions of Section 177 and 188 of the Act w.r.t. transactions with the related parties, wherever applicable. Details of the transactions with the related parties have been disclosed in the Standalone Financial Statements as required by the applicable Indian Accounting Standards.

14. Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, provisions of Clause 3(xiv) of the Order are not applicable to the Company.

15. The Company has not entered into any non-cash transactions with the directors or persons connected with them as covered under Section 192 of the Act. Accordingly, 16. According to information and explanation given to us, the Company is not required to be registered under section 45-IA of Reserve Bank of India Act, 1934. Accordingly, provisions of Clause 3(xvi) of the Order are not applicable to the Company. of India,

For Agiwal & Associates
Chartered Accountants
(FRN. No. 000181N)
UDIN: 20080475AAAADM7455 (CA P. C. Agiwal)
Place: New Delhi Partner
Date: November 6, 2020 Membership No.
080475

"ANNEXURE 2" TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of India Tourism Development Corporation Limited on the Standalone Financial Statements for the year ended March 31, 2020

S. No. Directions u/s 143(5) of the Companies Act, 2013 Auditors Reply on action taken on the directions
1. Whether the Company has system in place to process all the accounting transactions through IT system? If yes, the implications of processing of accounting transactions outside IT system on the integrity of the accounts along with the financial implications, if any, may be stated. As per the information and explanation given to us, the Company has a system in place to process all accounting transactions through IT system.
Based on the audit procedures carried out and as per the information and explanations given to us, no accounting transactions have been processed/ carried out outside the IT system. Accordingly, there are no implications on the integrity of the accounts.
2. Whether there is any restructuring of an existing loan or cases of waiver/write off of debts /loans/ interest etc. made by a lender to the company due to the companys inability to repay the loan? If yes, the financial impact may be stated. There are no loans appearing in the books of the Company and as such the same is not applicable.
3. Whether the funds received/ receivable for specific schemes from central/ state agencies were properly accounted for/ utilized as per its term and conditions? List the cases of deviation. The fund received/ receivable from central/ state agencies have been accounted for/ utilized as per its term and conditions, except in the following cases:
A) ACES division
(Rs in lakh)
Particulars Operative Projects Non- operative/ closed Project
No. of Projects 12 34
Outstanding/to be utilized 2236.64 2247.27
No. of Projects 6 17
Amount receivable 95.40 404.09

B) AIH&TM division

It was observed that amount from Ministry of Tourism was received in March, 2013, for payment of stipend to students who worked as volunteers in the commonwealth games, but this amount has not been claimed by the students till March 31, 2020 and hence, a credit balance of Rs 15.37 lakh is being reflected in the books of accounts.

For Agiwal & Associates Chartered Accountants

Firm Regn. No. : 000181N UDIN: 20080475AAAADM7455 (CA P. C. Agiwal) Place: New Delhi Partner Date: November 6, 2020 M.No. 080475

"ANNEXURE 3" TO THE INDEPENDENT AUDITORS REPORT

Referred to in paragraph 3(f) under ‘Report on Other Legal and Regulatory Requirements section of our report of even date to the members of India Tourism Development Corporation Limited for the year ended March 31, 2020

Report on Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Act

We have audited the internal financial controls with reference to Standalone Financial

Statements of India Tourism Development Corporation Limited ("the Company") as of

March 31, 2020 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls with reference to the Standalone

Financial Statements based on the internal controls over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by The Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the

Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. Those Standards and the

Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to the Standalone Financial Statements was established and maintained and if such controls operated effectively material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to the Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to the Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to the Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficientand a basis for our audit opinion on the Companys internal financial controls system with reference to the Standalone Financial Statements.

Meaning of Internal Financial Controls with reference to Standalone Financial Statements

A Companys internal financial control with reference to the Standalone Financial

Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting Standalone Financial Statements for external purposes in accordance with generally accepted accounting principles. A Companys internal financial control with reference to theStandalone Financial Statements includes those policies and procedures that 1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; 2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of Standalone Financial Statementsinall in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company; and 3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companys assets that could have a material effect on the Standalone Financial Statements.

Inherent Limitations of Internal Financial

Controls with reference to Standalone

Financial Statements

Because of the inherent limitations of internal financial controls with reference to the Standalone Financial Statements, including the possibility of collusion or improper management override of controls, material misstatements due to provide error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to the

Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the preparation of, the Company has, in all material respects, an Internal Financial Controls system with reference to the Standalone Financial Statements and such internal financial controls with reference to the Standalone Financial Statements were operating as at March 31, 2020, based on the internal controls over financial reporting criteria established by the Company considering the components of internal controls stated in the Guidance Note on Audit of Internal FinancialControlsoverFinancialReportingissued by the ICAI. Nevertheless, the implementation of the same needs an improvement.

Further, in order to strengthen internal financial control, as informed, the management has already appointed an external agency to make it more efficient and meaningful and the report of the same is awaited.

For Agiwal & Associates
Chartered Accountants
Firm Regn. No. : 000181N
UDIN: 20080475AAAADM7455 (CA P. C. Agiwal)
Place: New Delhi Partner
Date: November 6, 2020 M.No. 080475