Court Upholds Reassessment u/s 147: Audit Objection Validates Connection Between Borrowed Funds and Loans to Sister Concerns.

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....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....