Nowadays, I hear a lot of people use "basis" instead of "based on.
For example:
Basis our conversation last evening, these are my inputs.
I feel that this is incorrect English or is it acceptable?
It's not correct. I've never heard anyone say that.
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rusteducationI feel that this is incorrect English
You are right.
Based on your post, I assume that you hear that on a daily or weekly basis.