Refer attached document
Price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Flomic Global Logistics has received a notice of demand under Section 156 of the Income Tax Act for Rs. 10,61,81,024 (~Rs. 10.62 crore) pertaining to Assessment Year 2020-21. The demand stems from a Rs. 35.29 crore discrepancy flagged by the Income Tax Department between amounts reported by HDFC Bank in Form 15CC and actual remittances claimed by the company for FY 2019-20. The company strongly contests the demand, stating it is unwarranted and without merit, and has obtained a clarification letter from HDFC Bank (dated December 23, 2025) confirming that the excess amount was due to duplication/system error in the bank's reporting. The company plans to appeal before the appropriate appellate authority and expects the demand to be annulled.
Short-term negative overhang as the Rs. 10.62 crore demand is a significant amount for a small-cap logistics firm, though the company asserts no material impact and appears to have strong documentary evidence (HDFC Bank letter) to support its appeal. Shareholders should monitor updates on the appellate outcome, as an adverse ruling could pressure earnings and cash flows.