Amanpreet,
I think this is a great idea, and hope you have the chance to work on it.
I strongly recommned that you use the W3C's Open Annotation model as the
basis for the annotations that you generate, unless you have good reasons
not to. Bob Morris and I are about to start work on using SMW
Just published by the “CSV on the Web” working group:
CSV on the Web: Use Cases and Requirements
http://www.w3.org/TR/2014/WD-csvw-ucr-20140327/
Model for Tabular Data and Metadata on the Web
http://www.w3.org/TR/2014/WD-tabular-data-model-20140327/
Read more: http://www.w3.org/blog/news