The AO denied the exemption treating the transaction as sham on the ground that the directors of the broker companies , whom the assessee undertook transactions of sale of shares were banned by SEBI for market manipulation . In the course of appeal proceedings the assessee has provided contract note/ ledger account etc which was matched by the data furnished by the Stock exchange . On appeal CIT(A) up held the order of the AO . On appeal the Tribunal held that once it is accepted by the AO in his remand report that all the transactions of the assessee are reflected in the contract notice /ledger account furnished by assessee  which  are matching with the data furnished by stock exchange  the addition was not justified on mere presumptions  and suspicion . Relied on   Umacharan Shaw and Bros. v. CIT (1959)) 37 ITR 271 (SC)/ Omar Salay Mohamed Sait v. CIT ( 1959) 37 ITR 151 ( SC)( AY.  2012-13)