« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  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.