The best actor prize went to Hrithik Roshan for Krrish, while Rani Mukherji won best actress for Never Say Goodbye (Kabhi Alvida Naa Kehna).
The Outstanding contribution to Indian cinema prize went to Dharmendra and Rajkumar Hirani won best director for Lage Raho Munnabhai.
Among other prizes, digital cinema operator UFO Moviez won the Innovation award.
More than 12,000 fans were on hand at Sheffield's Hallam FM Arena for the event, with more watching on giant public BBC screens in Leeds, Bradford and Rotherham.
The IIFA weekend travels to a different international locale each year to help raise the profile of Indian cinema abroad. This year, the UK region of Yorkshire -- including the cities of Leeds, Sheffield, Bradford, Castleford, and Headingley -- hosted the four-day event (Dubai hosted the 2006 weekend).
'Over the last three days we've been awarded the warmest welcome in Yorkshire,' Bollywood legend and IIFA ambassador Amitabh Bachchan told the crowd. 'For us it has been love at first sight with Yorkshire. The UK is our second home. IIFA is being recognized as a serious platform to build bridges between our countries.'
The UK culture minister, Tessa Jowell, also talked of cooperation between the countries. 'By coming to Britain, you're acknowledging the huge following that Indian cinema has in this country and the huge amount of work we do together. When the UK-Indian (film) co-production treaty is signed, it will start to turn this new wave of films into a flood.'
Other guests on the green carpet (not red, to raise awareness about global warming) included Shilpa Shetty, Salman Khan and A-list newlyweds Aishwarya Rai and Abhishek Bachchan.
Other activities during the weekend included a film festival, a BAFTA workshop, a business forum, a celebrity cricket match and the IIFA world premiere of Shyam Bajaj's The Train.