Supreme Court · 2008 INSC 261 · Decided 27 February 2008
Commissioner of Income Tax, Chennai v. M/S Bilahari Investment (P) LTD.
- Court
- Supreme Court of India
- Citation
- 2008 INSC 261 · [2008] 3 S.C.R. 477
- Case number
- CIVIL APPEAL No. 1625/2008
- Decided
- 27 February 2008
- Bench
- S.H. KAPADIA, B. SUDERSHAN REDDY (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 211(2)
Headnote
477 " - COMMISSIONER OF INCOME TAX, CHENNAI A \/. M/S BILAHARI INVESTMENT (P) LTD. (Civil Appeal No. 1625 of 2008) FEBRUARY 27, 2008 B ... J: (S.H. KAPADIA AND B. SUDERSHAN REDDY, JJ.) Income Tax Act, 1961: Chit Fund Scheme - Income - Assessment of - Accounting of chit discount - Completed methods of accounting including Completed Contract Method or Deferred Revenue Expenditure Method - Completed Contract Method D ": leads to objective assessment of income - No finding recorded by the Courts below to the effect that the Completed Contract Method distorts the profits/income -
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