The assessee purchased the shares of company named Radford Global Ltd & Blazon Marble Ltd  through off market on preferential allotment . The assessee submitted before the Assessing Officer , bank details , statements, allotment letters , DEMAT statements , contract notes , STT payment  invoices  ledgers etc . The Assessing Officer  considered the transactions a bogus and mere accommodation entries  and treated the sale proceeds as unexplained cash credit under section 68 and added estimated commission u/s 69C of the Act  on the ground that the both the companies were investigated by SEBI authorities and the prices were artificially rigged . On appeal the CIT( A) affirmed the addition . On appeal the Tribunal held that  the transactions could not be treated as sham merely  because they have done in off market , the assessee had discharged his onus of proving fact that shares purchased by him was dematerialised in the DEMAT account . In  none of the SEBI orders or investigations , the name of the assesee is directly appearing or alleged . The assessee or broker are not one of the parties who SEBI has proceeded against . Accordingly the Tribunal held that   merely on the basis of surmises , suspicion and conjecture , without any independent verification addition cannot be made as cash credits . Accordingly the  denial of exemption is not justified . Estimated commission u/s 69C of the Act was also deleted  .Decision in   PCIT v. Swati Bajaj reported in  (2022) 139 taxmann.com 352 /288 Taxman 403/  446 ITR 56  ( Cal ) (HC) distinguished ..(ITA Nos . 1605/ 1612 /Mum/2021  dt .3-2 -2023) ( AY. 2015 -16      )