REG - Tata Steel Limited - Disclosure under Regulation 30 of SEBI LODR, 2015

TATA SteelAnnouncement

18/08/2025 07:00

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RNS Number : 6199V  Tata Steel Limited  17 August 2025

 

 
         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.

 

 

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