The AO based on the report  of the Investigation wing held that the transaction was bogus and denied the exemption and assessed as unaccounted income . On appeal the CIT(A) allowed the claim of the assessee. Appeal of the Revenue the Tribunal held that when the shares  were purchased for trading purposes in earlier years , the profit generated was accepted as genuine  and when these scripts were converted in to investment and sold during the year and sold  they could not be treated as bogus  transactions . The fact that shares were traded  on stock exchange after paying securities transaction tax and money had been received through banking channels demonstrated that they were not bogus transactions . Tribunal affirmed the order  of CIT(A). On appeal by the Revenue High Court affirmed the Order of Tribunal . ( ITA No.  13 of 2023/ ITA No. 14 of 2023  dt.  12- 1023 ) (AY. 2008 -09  2009 -10 )