Assessing officer denied the claim on grounds that the gains were earned through bogus penny stock transactions and companies to whom sold shares belonged were bogus. On appeal the  Tribunal held that assessee by submitting records of purchase bills, sale bills, demat statement, etc., had discharged his onus of establishing said transactions to be fair and transparent, same not being earned from bogus companies was eligible for exemption under section 10(38) of the Act. High Court held that no substantial question of law.  (A.Y. 2014-15)