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Tata Steel Limited announced that on August 12, 2025, the Hon'ble High Court of Bombay set aside a show cause notice and all subsequent proceedings from the Assessing Officer. This pertained to the reassessment of taxable income for AY 2019-20, linked to a ₹25,185.51 crore loan waiver. The High Court's decision, received by Tata Steel on August 16, 2025, annulled the notice on technical grounds regarding its issuing authority.
| Date | 18 Aug 2025 |
| Time | 07:00:02 |
| Category | Miscellaneous |
| ID | 6199V |
August 17, 2025
London Stock Exchange
London
Dear Sir, Madam,
Sub: Disclosure under Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
This has reference to our disclosure dated April 4, 2025.
Background:
Tata Steel Limited (the 'Company') had informed that it had received a show cause notice from the Assessing Officer, Office of the Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai ('Assessing Officer') in connection with waiver of a ₹25,185.51 crore loan in favor of Tata Steel BSL Limited (now merged with the Company), for the purpose of reassessment of taxable income for AY 2019-20 ('Notice').
On March 24, 2025, the Company had filed a writ petition with the Hon'ble High Court of Bombay, questioning the authority of the Assessing Officer in conducting the reassessment of taxable income for AY 2019-20. Further, the Company had on March 31, 2025 received an Assessment Order ('Order') issued by the Assessing Officer, reassessing the taxable income for
AY 2019-20 and increasing the taxable amount by the amount of debt waived.
Present Status:
On August 12, 2025, the Hon'ble High Court of Bombay heard the matter. As per the order received by the Company on August 16, 2025, the Company hereby notifies that, during the hearing on August 12, 2025, the Hon'ble High Court of Bombay set aside the Notice and all subsequent proceedings or orders arising therefrom. The Notice issued by the Assessing Officer was annulled on technical grounds, as it was issued by the Jurisdictional Assessing Officer rather than the statutorily mandated Faceless Assessing Officer. In reaching its decision to set aside the Notice, the Hon'ble High Court relied on established precedents. Should the precedent(s) change, and the tax authorities were to revive the writ petition in future, the same will then be adjudicated on its merits, considering the various other issues raised in challenging the reassessment proceedings.
This disclosure is being made by the Company in compliance with Regulations 30 and 51 read with Part A, Para B of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
This is for your information and records.