“Section 74(1)(a)”

Interest income earned by a cooperative society from its investments or surplus deposits with a cooperative bank is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961.

When unaccounted cash or on-money receipts are detected, only the profit element embedded in such receipts is taxable, not the entire gross amount, and this profit requires estimation.

Income must be charged only once, preventing double taxation. If income is mistakenly assessed in the hands of individual members instead of the Association of Persons or Hindu Undivided Family, or vice versa, the Income Tax Officer must make appropriate adjustments for the tax already realized.

Where an assessee offers additional income during a survey action under section 133A and declares it in the return, and no other source of income is established, a penalty under section 271(1)(c) for concealment of income may not be leviable.

When an assessee has mixed funds from both own sources and borrowings in a cash credit account, the debit balance is presumed to have been met from the company's own funds. This principle is applied to assess the allowability of interest deduction under Section 36(1)(iii) for capital borrowed for business purposes.

Additional depreciation under Section 32(1)(iia) can be claimed in the year an asset is acquired and installed, even if it is claimed in a subsequent year of acquisition and installation.

Expenditure incurred for the transfer of the use of licenses, without acquiring ownership rights or an enduring benefit, constitutes revenue expenditure. Such payments are allowable as a deduction if they are directly relatable to services in the revenue field.

Evidence collected during an illegal search can still be used against the assessee. An assessment made based on such evidence is valid.