It was held that where the assessee had acquired securities through private placement mechanism and shares were sold in the stock market through registered stock brokers duly discharging the STT applicable, the said transaction cannot be said to be bogus. Where any scrip is alleged to be a penny stock wherefrom accommodation entries are said to be provided without providing any live link with the assessee and where only material is the investigation report of the revenue authorities and certain statements during the survey, it is not cogent material to make an addition. It was also observed that no apparent violations under the Company Law have been brought to the notice by the revenue authorities. The allegation that the price of share remained high for almost one year due to accommodation entries is based on surmises and conjectures, more particularly whenopen market transactions cannot be controlled by anyone. The addition was deleted. Reassessment also quashed.   (AY. 2013-14, 2014-15)