Tata Steel gets notice over Rs 25,000 cr tax waiver, moves Bombay High Court

NEW DELHI: (Apr 4) Tata Steel on Friday said it has received an order for reassessing taxable income for financial year 2018-19 and increasing the taxable amount by over Rs 25,000 crore, and the company has moved the Bombay High Court against the reassessment.

Tata steel said in a stock exchange filing that the assessment order came on March 31 this year, following a show cause notice issued on March 13 by the Assessing Officer, Office of the Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai.

The March 13 notice had sought further documents related to the waiver of Rs 25,185.51 crore in FY19 for the purpose of reassessment of taxable income for AY 2019-20.

Source: PTI News

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