Butterfly Gandhimathi Appliances Limited has received demand notice under section 156 of the Income Tax Act, 1961 raising demand of INR 3,474,240 (Tax- INR 3,308,800 and Interest - INR 165,440) pursuant to the assessment order passed by the Office of The Assistant Commissioner of Income Tax Central Cir 2(4) Chennai under section 143(3) of Income Tax Act, 1961 dated March 31, 2024 for the Assessment Year 2022-23. Based on the merits of the matter, prevailing law and the advice of the consultant, the Company is planning to file an appeal against this order before the CIT (A), Chennai -19. The Company will also file rectification application with the Assessing Officer for mistake apparent in the above assessment order within the timeline as prescribed under section 154 of the Act and reasonably expects favourable outcome at the appellant authorities.