https://www.taxtmi.com/highlights?id=62451 Reopening of assessment u/s 147 - information received from audit party - there was no nexus between the borrowed funds and loans & advances to the sister concerns - in the present case there was tangible material in the form of audit objection. Thus, we do not find any merit in the contentions raised by the assessee challenging the validity of the reassessment proceedings. - AT en-us Tue, 15 Mar 2022 15:51:48 +0530 Tue, 15 Mar 2022 15:51:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62451 Reopening of assessment u/s 147 - information received from audit party - there was no nexus between the borrowed funds and loans & advances to the sister concerns - in the present case there was tangible material in the form of audit objection. Thus, we do not find any merit in the contentions raised by the assessee challenging the validity of the reassessment proceedings. - AT Highlights Income Tax Tue, 15 Mar 2022 15:51:48 +0530 https://www.taxtmi.com/highlights?id=62451