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K.S.S.PRASAD RAO, N.R.S.GANESAN, A.KALYANASUNDHARAM
Shriram Chits & Investments – Appellant
Versus
Assistant Commissioner of Income-tax – Respondent
A. Kalyanasundharam, Senior Vice-President. - The appeal by the assessee, a company carrying on the business of running of chits, is on the aspect of proper method of accounting of its income from the running of chit business. The issue raised in this present appeal is a matter of concern of companies and other persons carrying on the chit business all over Tamil Nadu. The Hon’ble President of this Tribunal accordingly constituted this Special Bench, to examine the concept of the chit business governed by the Chit Funds Act, 1982 (hereinafter referred to as "the CFA"), enacted by the State Legislature and determine the system of accounting that would reflect the proper income for the previous year relevant to the assessment year for assessment of income under the provisions of the Income-tax Act, 1961 (hereinafter referred to as "the Act").
2. The assessee was represented by learned counsel, Mr. Gopal, and the Department was represented by Mr. Acharya, who holds the rank of the Commissioner of Income-tax. Both Mr. Gopal and Mr. Acharya extended full co-operation and assistance to this Bench in the appreciation of the nature of the chit business and on the proper of system of ac
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