During relevant year, assessee declared long term capital gain on sale of shares and claimed exemption under section 10(38) of the Act. Assessing Officer held that share transaction in question was bogus, added said amount to assessee’s taxable income under section 68 of the Act. On appeal the Tribunal held that the assessee had purchased shares through a stock broker by online portal which were duly reflected in assessee’s Demat account, subsequently, assessee sold those shares through same broker by online portal and securities transaction tax was also paid. Accordingly share transactions in question were to be regarded as genuine and, thus, impugned addition was to be deleted. As regards the reassessment proceeding is held to be valid. (AY. 2011-12)