UFO Moviez India Limited has informed the Exchange about Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015
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UFO Moviez India has received a demand notice of Rs. 7,15,13,571 (approximately Rs. 7.15 crore) from the Income Tax Department under Section 271D of the Income Tax Act, 1961, for an alleged violation of Section 269SS (related to acceptance of loans or deposits in cash above prescribed limits) for Assessment Year 2018-19. The company states that the issue stems from an inadvertent error in its tax audit report and has obtained a certificate from its tax auditor confirming there was no actual contravention of the law. It claims the tax authority did not consider the evidence it submitted. The company plans to file an appeal, asserting strong grounds to contest the demand.
The demand amount is modest relative to the company's scale, and management expects no material impact on financials or operations, with the outcome dependent on the appeal process.