The assessee acquired shares at Rs 12 per share and within 19 months sold at Rs 720 per share and reported capital gain of Rs. 13, 33.956. All  authorities  held that the when the company suffered heavy losses how the there could be astronomical growth in value of the shares and the company was directed to be delisted from the stock exchange. Accordingly exemption from capital gain was denied.   Appeal by the assessee it was contended that he was denied the right to cross-examination of the two individuals whose statements led to the inquiry and ultimate disallowance of the long term capital gain. Dismissing the appeal the Court held that AO CIT(A) and the ITAT have all consistently rendered adverse findings. Court also observed that, what is intriguing is that the company (M/s. Kappac Pharma Ltd.) had meagre resources and in fact reported consistent losses. Inthese circumstances, the astronomical growth of the value of company’s shares naturally excited the suspicions of the Revenue. The company was even directed to be delisted from the stock exchange. Having regard to these circumstances and principally on the ground that the findings are entirely of fact, this court  held that no substantial question of law arises .( ITA 220/2019 & CM No. 10774/2019,dt. 8.03.2019) (AY. 2014-15)