Assessee earned long-term capital gains on sale of shares and claimed exemption of long-term capital under section 10(38) of the Act. The  Assessing Officer held that assessee earned Rs. 1.17 crores long-term capital gains on sale of shares of a company which were purchased in 2013 for Rs. 5 per share and sold at Rs. 591.74 per share. Assessing Officer held that steep escalation in value of shares within a short span of time was not justified and also relied on Investigation Report of Pr. DIT (Inv.) Kolkata wherein HPC Biosciences Ltd  was identified as stock used for generating bogus long-term capital gain and exemption under section 10(38) was denied. SEBI, through various orders, had restrained company from accessing securities market by issuing prospectus, offer document or advertisement soliciting money from public in any manner for eight years. On appeal the Tribunal held that   since the  assessee could not satisfactorily explain source and nature of credits and failed to prove genuineness of transaction, Assessing Officer/Commissioner (Appeals) was perfectly justified in treating impugned transactions as sham and discarding assessee’s explanation as not satisfactory. Tribunal also held that  merely because transaction was through account payee cheque alone would not convert a non-genuine transaction into a genuine transaction. Addition is affirmed.  As regards the alleged  commission since shares were purchased in assessment year 2013-14 and not assessment year 2015-16 under consideration, addition made under section 69C in subject assessment year was not justified. (AY. 2015-16)