“Section 150(6)”
The decision most relied on for Section 150(6) is 1) CIT v. Sahibganj Electric Cables Pvt. Ltd. ( (151 ITR 150), cited in 79 judgments on BharatTax.
Leading authorities on Section 150(6)
The assessee's burden under Section 68 to prove cash credits is discharged by establishing the identity of the creditor and the genuineness of the transaction; the assessee is not required to prove the creditor's source of funds or creditworthiness, as the department can use Section 131 for further investigation.
Reassessment proceedings under Section 147 are invalid if the reassessment notice is issued without the necessary sanction from the specified authority as mandated by Section 151. The sanctioning authority must apply its mind to the reasons recorded for reassessment before granting approval.
