Only profit embedded to creditors written off and discount receipts to be added: ITAT Chennai

Priya Construction Vs PCIT (Central) (ITAT Chennai) ITAT Chennai held that only profit embedded to creditors written off and discount receipts is needed to be added since both i.e. creditors written off and discount receipts are inextricably linked with business of assessee. Hence, appeal partly allowed. Facts- The assessee is a partnership Firm engaged in the business of undertaking civil construction/real estate. The assessee firm converted itself into a Private Company and the partners of the Firm, became the Directors of the Company. There was a survey u/s.133A of the Act conducted on 05.0...