“Section 48(1)(i)”

Income tax is levied only on real income that actually materializes, not on hypothetical or notional income, even if accounting entries suggest otherwise. If no income results, there is no tax liability.

For attracting Section 14A disallowance, there must be a proximate cause relating the expenditure to actual tax-exempt income, and such disallowance is not automatic but requires positive material. Additionally, Section 94(7) on dividend stripping only ignores losses to the extent of dividend received for assessment years post-April 1, 2002, allowing the remaining loss.

A statute should not be construed to permit double deduction for the same expenditure unless specifically provided by law.

Income is taxable only when it represents real income, not notional income. It accrues only when there is a vested right to receive it, typically upon the occurrence of a transfer or event, rather than merely on a time basis.

Interest received on delayed payments for sales is considered part of the sale proceeds and is eligible for deduction under Section 80-IA as business income.

An assessee's retraction of a statement is an afterthought if the Assessing Officer demonstrates the original statement was correct and the retraction is unsupported by evidence.

For capital assets acquired by gift or will, the indexed cost of acquisition under Section 48 is computed with reference to the year the previous owner first held the asset. The period of holding for determining if an asset is long-term also includes the previous owner's holding period, as per Section 2(42A).

The Supreme Court examined the validity of customs duty on newsprint in the context of Article 19(1)(a), emphasizing that the press advances public interest by publishing facts and opinions crucial for a democratic country.