STOCK IN FOCUS - TATA STEEL

Tata Steel has taken legal action against the Income Tax Department’s reassessment of its taxable income for FY 2018-19 (AY 2019-20). The Assessing Officer had accepted Bhushan Steel’s tax return in June 2020 without objections. However, on March 13, 2025, Tata Steel received a show cause notice requesting further documentation on the waiver, leading to a reassessment order issued on March 31, 2025, which increased the company’s taxable income by the waived amount.