Assessing Officer received report of Investigation Wing wherein it was highlighted that bogus LTCG claims were being made by various parties by sale/purchase of penny stocks. Assessing Officer after considering said information noted that assessee sold its shares in CCLI which were not disclosed in its return of relevant assessment year and issued reopening notice  Pursuant to said notice assessee filed revised return claiming LTCG  Assessing Officer after making due inquiries with full awareness of issue held that case of assessee was not of penny stock and transactions of assessee were genuine transactions of share trading. Principal Commissioner invoked revisionary proceedings under section 263 on ground that entities providing bogus entries had admitted of providing bogus LTCG through shares of CCLI and financials of scrip of CCLI were unreliable and bogus. On appeal the Tribunal held that  from invoices and supporting documents that shares were held in D-Mat account with broker. Further, said shares were sold on stock exchange i.e. BSE; on specific dates at rates as prevalent on stock exchange, and rates, dates and amounts were corroborated from bank accounts, broker’s account Since no contrary evidence has been filed by revenue, tax reliefs could not be denied on mere suspicions and conjectures based on surrenders by a bogus entry provider.   Revision order is quashed. (AY. 2013-14 )