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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. 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.