« Top Headlines » Open DEMAT Account in 24 hrs  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs?  Tax Saving: Top 5 investment options to save maximum tax in 2024 «  Taxman's return gift is Rs 40,000 cr... SC decides determinant for excise duty exemption... » CIT appeal dismissed March, 25th 2008 The Supreme Court has dismissed the appeal of the Commissioner of Income Tax against the judgment of the Madras High Court in the case of chit fund companies (Commissioner vs Bilahari Investment Ltd).   The companies were following the completed contract method of accounting and the authorities had so far accepted this method. But now, they have turned around and insisted that they should have adopted the percentage of completion method of accounting.   Rejecting this argument, the Supreme Court said: Every assessee is entitled to arrange its affairs and follow the method of accounting which the department had earlier accepted. It is only in those cases where the department records a finding that the method adopted by the assessee results in distortion of profits that the department can insist on substitution of the existing method.   This was not the case here, and the change would be revenue neutral even if the new method is adopted.