Dismissing the petition the Court held  that the credible information which constituted the bedrock for the formation of opinion had categorically alluded to the alleged diversion of the loan to sister concerns. The direction of the court was to carry out an exercise of examining the explanation as proffered by the assessee afresh. The Assessing Officer was not disabled from proceeding to examine the entire case including on the basis of the allegations which formed part of the original reasons to believe. (AY. 2016-17)