SharePoint Online - Upload document using PowerShell / CSOM with meta data

Verified GUID and tried but same issue.

If I try to get reference of list item and update mata data, others columns are populated but not managed matadata column.

This time, I don't have error

        $Context = CreateConnection
         
        #Retrieve list
        $DocLibName = 'Documents'
        $List = $Context.Web.Lists.GetByTitle($DocLibName)
        $Context.Load($List)
        $Context.ExecuteQuery()

        $qry = New-Object Microsoft.SharePoint.Client.CamlQuery 
 
        $items = $List.GetItems($qry)
        $Context.Load($items)
        $Context.ExecuteQuery()

        foreach($item in $items)
        {
            try
            {
            $item["ManagedMetaDataColumn"] = "f31984fe-f02b-4354-ac6a-cdaa148c1357" 
            $item["New"] = '12344'
            $item.Update()            
            $Context.ExecuteQuery() 
            }
            catch [Exception]
            {
                $strException = $_.Exception + $_.ErrorDetails + $_.ScriptStackTrace + $_.ErrorDetails + $_.Exception
            }
        }