Allowing the appeal of the assessee the Tribunal held that the assessee had demonstrated with the substantial evidence before the Assessing Officer that the actual   purchase and sales took place, shares had distinctive numbers, the transactions were routed through the normal banking channels and the shares had been allotted to the assessee subsequently under an order of amalgamation / merger. The Tribunal also held  that, when the Assessing Officer had received the report of the investigation wing he ought to have conducted an independent enquiry to examine and verify the involvement of the assessee in the alleged bogus long term capital gain rather than simply and blindly following the report and the statement to make a case against the assessee. Accordingly the addition was deleted. (AY. 2013-14)