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And in this regard Reliance is being placed on the judgement of Honorable Supreme Court in the case of the Dhakeshwari cotton mills Limited 26 ITR 775 wherein it was held that no assessment can be made on the basis of suspicion or guess work without any reference to any material on record. I also noticed that AO has grossly erred in ignoring the most vital facts to the effect that turnover decreased drastically from 16.93 crores during FY 2015-16 to 6.28 crores during FY 2017-18 i.e. around 269.49% which consequently also led to reduction in monthly expenditure. Wages and salaries to permanent staff mostly paid by cheque and remaining temporary labours were paid through contractors which allow credit period of around 6 to 7 months. Moreover, PF, ESI and TDS was deducted on such payments. Copy of the replies submitted to the AO during the assessment proceedings are furnished at paper book page no. 20 to 39. I have also considered ITA NO. 867/JP/2024 M/S. G.N. BUILDEV PRIVATE LIMITED VS ITO, WARD 6(2), JAIPUR the various judgement relied upon by the Appellant and same or discussed here in below.