Kaal Bhairav Ashtami is an important day for worshipping Lord Kaala Bhairava - the lord of March of time. It is observed on the eight day of the full moon (December-January).
Myth is that once a controversy arose among Lord Vishnu, Lord Shiva and Lord Brahma that who was the greatest of them. Lord Shiva, infuriated by a chance remark of Brahma, took the form of Kaala Bhairav and cut off one of the faces of Lord Brahma.
On this day, Lord Kaala Bhairava is worshipped in all temples and his vehicle dog is fed with milk and sweets. Fasting undertaken on this day is considered to wash away all sins and save one from the havoc of time.