The return was selected for scrutiny, and assessment was passed under section 143(3) of the Act. Reassessment notice was issued on the ground that cash deposits had been made in a bank account during the demonetization period, which was not supported by any available facts and records. The assessee had explained that business being in a rural area, end-users were used to make cash payment instead of any UPI payment and thus, he had explained cash deposits in bank account during assessment year as well as during demonetization period. Along with the objection, assessee had submitted requisite details, copies of bank statement, audited balance sheet, etc. However, the Assessing Officer has not referred to while disposing of the objection. On writ, the court held that since the reasons assigned by the Assessing Officer in order to disclose the objection were contrary to the facts on record, the notice issued under section 148 as well as the order passed under section 148A(d) were quashed and set aside. (AY. 2016-17)