Assessee purchased 1 lakh shares of Panchal Marketing Ltd  at rate of Rs. 1 per share. Purchase of shares of PML was an off-market purchase. Said company was amalgamated with Kailash Auto    and consequent to amalgamation, 1 lakh shares of Kailash Auto  were issued to assessee in lieu of 1 lakh shares in Panchal Marketing Ltd    held by assessee. Subsequently, shares of Kailash Auto   were sold at an average price of about Rs. 38 per share and assessee disclosed Rs. 38 lakhs received by it as exempt under section 10(38). Assessing Officer denied exemption and made additions to income of assessee. On appeal to Tribunal  held that  the  assessee was doing business of purchase and sale of shares and thus earned her income from transaction in shares. Just because assessee had shifted from IPOs and had made a purchase of shares in MPL, would not shift head of income from ‘capital gains’ to ‘Adventure in nature of trade’, insofar as assessee was an investor in shares and was not in business of dealing in shares. Addition is deleted. Referred PCIT v. Swati Bajaj (2022) 446 ITR 56/ 288 Taxman 403 (Cal)(HC)  (AY. 2014-15)