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2019 (7) TMI 533 - AT - Income TaxAddition to equity & to unsecured loans & sundry creditors - CIT(A) recorded facts that 1500 investors have filed FIR's & law suits claiming about ₹ 15 crores as paid by them - Crime Branch status report clearly establishes that the assessee had collected funds from public at large and had not repaid them - HELD THAT:- Addition does not stand as there is no doubt that there were depositors. The facts are that the appellant had collected funds and had not repaid them. Further there were investors who had filed law suits against the appellant for recovery of their money. Therefore, the existence of the depositors cannot be doubted. The addition on all three accounts is therefore deleted. Addition of car running and maintenance expenses - 1/5th was disallowed on account of personal use by directors - HELD THAT:- In the case of a company disallowance on account of personal use of vehicle cannot be made. Hence, the addition was rightly deleted by the Ld. CIT(A), which does not need any interference on our part, therefore, we uphold the action of the Ld. CIT(A) on the issues in dispute and reject the ground raised by the Revenue.
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