During relevant year, the assessee sold  shares resulting in substantial amount of LTCG in a short span and same was claimed as exempt. Assessing Officer received report from Investigation Wing wherein modus operandi of rigging prices of penny stock and generation of capital gain/trading loss was studied. Assessing Officer held  that LTCG earned by assessee were fabricated and sale of shares which fell under category of penny stocks was to be treated as bogus. The  Assessing Officer assessed the gain as cash credits. CIT (A) affirmed the addition. On appeal following the judgement in  PCIT v. Swati Bajaj (2022) 288 Taxman 403/ 446 ITR 56 (Cal)(HC)  wherein it was held that since assessee failed to establish genuineness of rise of price of shares within a short period of time that too when general market trend was recessive, additions made under section 68 were justified.  (AY. 2014-15, 2015-16 )