Assessee had made a short-term capital gain on sale of shares of a company and claimed short-term capital loss on sale of shares of another company.Assessing Officer held  that shares of both companies were purchased at Rs. 100 per share and sold at Rs. 12.20 per share  and  held that transaction of purchase and sale of shares was a tax avoidance measure and disallowed short-term capital loss.  Commissioner (Appeals) and Tribunal confirmed order of Assessing Officer. On appeal the Court held that  since Assessing Officer held  that transaction of purchase and sale of shares was a sham transaction, the order of Tribunal order did not raise any substantial question of law. (AY. 2010-11)