Income from chit fund to be recognized on ‘contract completion’ method

HIGH COURT OF MADRAS Shriram Chits & Investments (P.) Ltd. versus Assistant Commissioner of Income-tax, Central Circle – II(3) T.C.(A). Nos. 141 & 213 of 2004, 616, 621, 622, 624 to 628 OF 2005, 425, 2445 & 2449 of 2006 AUGUST 30, 2012 V.D. Gopal for the Appellant. N.V. Balaji for the Respondent. JUDGMENT Mrs. Chitra Venkataraman, J. The assessee is on appeal as against the order of the Income Tax Appellate Tribunal. The issues raised in these appeals are common except Tax Case Appeal Nos.141/2004, 425 and 426/2006, and 213/2004. So far as Tax Case Appeal No....