melt butter in heavy dutch oven, add onions cook gently until translucent, add garlic and cook a few min more. Add flour cook for a min or two. Add tomato juice,salt, pepper and basil. Cook for 12-15 min. Add milk and cream, heat through. Serve with grated parm or romano and crackers.
NOTE: I like my tomato soup smooth so I ended up running it through a sieve.