The Hon’ble High Court dismissed the appeal filed by the revenue and concurred with the findings of the Hon’ble Tribunal, thereby, holding that the shares were purchased online in demat account, payments were made through banking channel and consideration was also received through bank channels. Further, it was also noted that the Assessing Officer does not have any independent source or evidence to show that there was an agreement between the assessee and any other party. Thus, in absence of any specific finding, the assessee cannot be held to be linked to the wrong acts merely based on surmises and assumptions. (AY. 2012-13)