« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing 2025: These individuals are exempt from paying tax. Do they need to file returns?  Full List Of Trump's Reciprocal Tariffs Announced Wednesday  Top 5 tax-saving investment options for salaried individuals to consider before March 31, 2025  5 lesser lesser-known avenues of tax saving you can use to save income tax before March 31, 2025  March 15 is deadline for last advance tax installment: Know if you must pay «  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.