Section 14A Disallowance Reduced as Only Investments Yielding Exempt Income Can Be Considered

Manugraph India Private Limited Vs ACIT (ITAT Mumbai) The appeals for Assessment Years 2016-17 and 2017-18 arose from separate orders of the CIT(A) dated 10.09.2025. Since common issues were involved, both appeals were heard together and decided through a common order, with AY 2016-17 treated as the lead case. The assessee, engaged in the business of manufacturing and exporting precision and sophisticated printing machines, challenged disallowances relating to Section 14A, rental expenses, and scientific research expenditure. For AY 2016-17, the Assessing Officer disallowed Rs. 27,75,315 under...