Dismissing the appeal of the revenue the Court held that ; the fact that the appreciation in the value of the shares is high does not justify the transactions being treated as fictitious and the capital gains being assessed as undisclosed income if (a) the shares are traded on the Stock Exchange, (b) the payments and receipts are routed through the bank, (c) there is no evidence to indicate it is a closely held company and (d) the trading on the Stock Exchange was manipulated in any manner. ( ITA No. 95 of 2017, dt. 18.01.2018)( AY.2008 -09)