The only issue raised in this appeal is against the disallowance of exemption claimed under s. 10(38) of the IT Act, 1961 amounting to Rs. 19,32,538 in respect of long-term capital gain earned on sale of equity shares of PS IT Infrastructure & Services Ltd. It is found as an admitted position that the assessee purchased 2,500 shares of PS IT I&SL at Rs. 40 per share on 24th July, 2013 and after conversion in the ratio of 1:10, sold such shares in the year under consideration at an average sale price of more than Rs. 83 per share. In other words, the converted share of this company purchased at mere Rs. 4 was sold after a year and few months at close to Rs. 83 per share, giving phenomenal increase in price of more than 20 times. The AO extracted the summary of the P&L a/c and balance sheet of PS IT I&SL for the relevant years, which fairly indicates that there was no foundation for such a magical increase in the price of its shares. The AO has also referred to the statements of various persons, all of whom admitted to be providing accommodation entries with the help of shares of companies including PS IT I&SL. The ministry of corporate affairs has identified this as a shell company and further the SEBI has initiated enquiry in the matter. All these factors cumulatively take me to the irresistible conclusion of the non-genuineness of the transaction of long-term capital gain of Rs. 19.32 lakhs as declared by the assessee.