UFO Moviez stock soars 4% after Supreme Court dismisses Revenue Department appeal

11 Jan 2022 , 09:58 AM

UFO Moviez Limited updated the exchanges that the Supreme Court of India condoned the delay in filing of appeal by the Revenue Department and in facts of the present case, the Supreme Court of India has on merits dismissed the appeal of the Revenue Department. As per this Supreme Court of India order all pending applications in relation to this matter stand disposed of, the company said in a filing on Monday.

The company on December 7, 2015, had received an order from the Commissioner of Service Tax Mumbai (‘Adjudicating Authority’) with a total demand to the tune of Rs46,65,43,240/- (excluding interest and penalty).

The company had filed an appeal before the Customs Excise & Service Tax Appellate Tribunal (‘Appellate Tribunal’) and the Appellate Tribunal via an order on August 18, 2017 had partially dropped the Adjudicating Authority’s demand along with the corresponding interest and penalty.

Pursuant to the above order, the Revenue Department appealed before the Supreme Court of India on July 28, 2020. Since there was a delay in filling of appeal, Revenue Department had also filled application for condonation of delay.

At around 10.00 am, UFO Moviez India Ltd was trading at Rs98 per piece up by Rs3.95 or 4.2% from its previous closing of Rs94.05 per piece on the BSE.