Assessee, a partnership firm engaged in the cotton bale and yarn business, filed a return which was accepted. Later, based on the Insight portal information of bank credits/debits, transactions with ‘M’, mutual fund sale, TDS on motor vehicle, and foreign currency purchase, AO issued a reopening notice under section 148A(b) and passed an order under section 148A(d) alleging income escapement. However, bank credits pertained to earlier years, and the assessee had already furnished the ledger and tax audit details for transactions with ‘M’.Held that since AO lacked valid information suggesting escapement of income, he had no jurisdiction to reopen, and the reopening notice was quashed.(AY. 2018 -19 )