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Informist, Friday, Jul. 24, 2026

 

MUMBAI – Tata Steel Ltd. Friday said the Bombay High Court Monday restored a writ petition filed by it against a show-cause notice by the Income Tax Department to reassess its income for the assessment year 2019-20 (Apr-Mar) after an INR 251.85-billion loan waiver obtained by its subsidiary Tata Steel BSL Ltd. The high court's order came after the Supreme Court directed the high court to reconsider the matter in light of a retrospective amendment of the income tax law.

 

In March 2025, Tata Steel had received a show-cause notice from the Income Tax Department for reassessment of its income after the loan of its subsidiary was waived following a resolution process under the Insolvency and Bankruptcy Code, 2016. The show-cause notice was set aside by the Bombay High Court in August on technical grounds. Tax authorities then challenged the order in the Supreme Court. The high court will now determine the challenge to the assessment order on merits. The court will hear the matter on Aug. 19.

 

For the March quarter, Tata Steel had reported a consolidated net profit of INR 29.3 billion on revenues of INR 632.7 billion. Friday, its shares closed at INR 182.67 on the National Stock Exchange, down nearly 0.9% from Thursday.  End

 

Reported by Prateem Rohanekar

Edited by Shubhayan Bhattacharya

 

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