Delhi HC Rejects Section 69C Addition as Genuine Purchases Cannot Be Disallowed Due to Cash Sales

PCIT Vs Kross Diamonds Pvt. Ltd. (Delhi High Court) No Unexplained Expenditure Addition Because Purchases Were Verified Through Banking Channels; Cash Sales Below Rs. 2 Lakh Not Sufficient to Invoke Section 69C, Says Delhi High Court; Delhi High Court Dismisses Revenue Appeal Because AO Accepted Purchases as Genuine; Genuine Import Purchases Cannot Be Treated as Bogus Because Sale Proceeds Were Deposited in Cash The matter before the Delhi High Court involved multiple appeals raising identical questions of law. The Court considered the facts from ITA No. 675/2025 concerning Kross Diamonds Pvt....