ITAT Mumbai Affirms Section 14A Ceiling at Exempt Income

Advertisement Apar Industries Ltd. Vs DCIT (ITAT Mumbai) The Income Tax Appellate Tribunal, Mumbai, decided cross appeals filed by the assessee and the Revenue against the order of the Commissioner of Income Tax (Appeals)-54, Mumbai dated 08.12.2025 for Assessment Year 2016-17. The assessee challenged the rejection of its fresh claim for deduction under Section 32AC, while the Revenue challenged the restriction of disallowance under Section 14A read with Rule 8D. With respect to the assessee’s appeal, the authorised representative submitted that the issue was covered by the Tribunal&#...