Reopening under Section 147 quashed for lack of foundational facts and nexus; Section 148/148A(d) notices invalidated

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....The HC held that the reopening under section 147 was invalid because the AO lacked foundational facts and a nexus between information from the Investigation wing and material on record to form a prima facie belief of escaped income from cash deposits during demonetisation. The AO disregarded audited books, bank statements, cash book and responses to summons under section 131A, relying solely on the fact of large deposits and a conjecture about businessman prudence. The court found sufficient cash balances in accounts and no evidence of cash being newly generated on the eve of demonetisation. Accordingly, the petition was allowed, the order under section 148A(d) quashed and set aside, and the section 148 notice of even date quashed.....