The assessee sold a plot of land  and claimed exemption u/s 54 of the Act .  The exemption was denied on the ground that it was short term  capital gain which was affirmed by the CIT(A).  On appeal the Tribunal held that in terms of Circular No.  471 dated October 15, 1986he date when the letter of allotment was issued shall be considered as the date of acquisition of the asset.  Merely because there was a change in the nature of immovable property, the principles for determining the date of acquisition could not change.  The AO was directed to consider the date of allotment on May 31, 2002 as the date of acquisition of the asset.  Thus what was transferred by the assessee was a long-term capital asset and not a short-term capital asset.  The profit or gain on sale of the asset shall be considered as long-term capital gains. Relied PCIT v.  Vembu Vaidyanathan (2019) 413 ITR 248 (Bom) (HC).  Accordingly the assessee is held to be entitle to deduction under S. 54 or 54F  of the Act.  Matter remanded to CIT(A) to decide the issue.  AY. 2013-14)