Section 69C additions on protective basis without adequate inquiry is bad in law

A. Johnkuma Vs DCIT (ITAT Chennai) Facts- The assessee, a Proprietor of M/s. A.Johnkumar Cost Price Shop and M/s.Johnkumar Real Agency, is engaged in the business of running a Departmental Store and real estate business respectively. A search and seizure operation was conducted u/s.132 of the Act, on 17.09.2016. During the course of search, a sum of Rs.1,70,65,190/- cash and some incriminating documents with regard to sale of land involving on money and also conduct of unregistered and unaccounted chits and moneylending business, was found. Another search operation was conducted in the assesse...