The assessee company had invested in shares of one company. After holding shares for a long period, assessee sold shares and claimed long-term capital gains earned on the same as exempt under section 10(38). Assessing Officer treated the share transaction as bogus and made an addition under section 68, holding that the company in which shares were purchased was a penny stock and its price movement was not supported by the financial fundamentals of the company.  Tribunal deleted the addition holding that shares sold by assessee could not be doubted as bogus. On appeal, the order of Tribunal affirmed. Relied  Pr. CIT v. Divyaben Prafulchandra Parmar [2024] 169 taxmann.com 473 (Guj) (HC).