https://www.taxtmi.com/caselaws?id=3361 For assessment years 1991-92 to 1997-98, SC upheld the High Court and dismissed the civil appeals, holding that assessees who had previously followed and had Departmental acceptance of the completed-contract method for chit-fund accounting need not be compelled to adopt percentage-of-completion unless the method distorts profits. The Court found the proposed change to treat chit discount as deferred revenue expenditure to be revenue neutral in these cases, and declined to disturb the accepted accounting approach; the Department remains free to apply new standards in future cases. en-us Wed, 27 Feb 2008 00:00:00 +0530 Wed, 10 Sep 2025 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=3361 For assessment years 1991-92 to 1997-98, SC upheld the High Court and dismissed the civil appeals, holding that assessees who had previously followed and had Departmental acceptance of the completed-contract method for chit-fund accounting need not be compelled to adopt percentage-of-completion unless the method distorts profits. The Court found the proposed change to treat chit discount as deferred revenue expenditure to be revenue neutral in these cases, and declined to disturb the accepted accounting approach; the Department remains free to apply new standards in future cases. Case-Laws Income Tax Wed, 27 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=3361