Tata Steel challenges income tax review on ₹25,185 cr debt waiver

Tata Steel took legal action against the Income Tax Department’s reassessment of its ₹25,185 crore debt waiver linked to its acquisition of Bhushan Steel in FY 2018-19. Bhushan Steel’s tax return was accepted without objections in June 2020. Tata received a show cause notice requesting further documentation on the waiver this month, which led to the reassessment.