https://www.taxtmi.com/caselaws?id=219119 In a chit business, the foreman's commission, subscribers' dividend, default management, substitution of defaulters and related security obligations were treated as part of one integrated transaction, so real income could not be meaningfully ascertained at each intermediate draw. On that basis, the completed contract method was held appropriate for recognising income only on completion of the chit series, and the corresponding administrative and advertisement expenses were allowed in the year incurred under the matching principle. The claim that dividends received as a chit subscriber were exempt on mutuality was not substantively pursued and failed. en-us Thu, 30 Aug 2012 00:00:00 +0530 Fri, 29 Apr 2022 14:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219119 In a chit business, the foreman's commission, subscribers' dividend, default management, substitution of defaulters and related security obligations were treated as part of one integrated transaction, so real income could not be meaningfully ascertained at each intermediate draw. On that basis, the completed contract method was held appropriate for recognising income only on completion of the chit series, and the corresponding administrative and advertisement expenses were allowed in the year incurred under the matching principle. The claim that dividends received as a chit subscriber were exempt on mutuality was not substantively pursued and failed. Case-Laws Income Tax Thu, 30 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219119