Assessee had purchased shares for consideration of Rs. 25 lakhs and sold for a consideration of Rs. 50,000 and claimed loss on sale of shares at Rs. 24.50 lakhs. The AO held that whole transaction of purchase and sale of shares was sham and loss claimed by assessee was bogus and, accordingly, he disallowed said loss.  The Tribunal held that revenue had not brought on record whether assessee received consideration more than Rs. 50,000 or consideration more than this would accrue to assessee.   Regarding cost of acquisition of shares also Assessing Officer had not brought on record any adverse evidence. Accordingly the loss was directed to be allowed. (AY. 2011-12)